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Retirement Facilities for Employees Resigned from CPSEs
Mar 30,2017

Department of Public Enterprises (DPE) issued OM No. W-02/0017/2014-DPE(WC) dated 01.02.2017 clarifying the term n++technical formality clausen++ as mentioned in point xvi) of OM No. W-02/0017/2014-DPE (WC) dated 21.05.2014. This has no effect on the provisions of the OM dated 21.05.2014.

In term of para vii) read with para x) of Department of Public Enterprises (DPE)s OM dated 21.05.2014, any employee resigning from service of CPSEs and joining another CPSE having broadly similar schemes of pension and post superannuation medical benefit the entire amount of employers and employees contribution along with interest accrued thereon would be transferred to such CPSE. The services rendered in CPSEs prior to resigning would also be counted for the schemes. Thus, these provisions are available even prior to issue of the OM dated 01.02.2017 on Technical formality.

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India becomes Net Exporter of Electricity for the first Time
Mar 29,2017

As per Central Electricity Authority, the Designated Authority of Government of India for Cross Border Trade of Electricity, 1st time India has turned around from a net importer of electricity to Net Exporter of electricity. During the current year 2016-17 (April to February 2017), India has exported around 5,798 Million Units to Nepal, Bangladesh and Myanmar which is 213 Million units more than the import of around 5,585 Million units from Bhutan. Export to Nepal and Bangladesh increased 2.5 and 2.8 times respectively in last three years.

Ever since the cross border trade of electricity started in mid-Eighties, India has been importing power from Bhutan and marginally exporting to Nepal in radial mode at 33 kV and 132 kV from Bihar and Uttar Pradesh. On an average Bhutan has been supplying around 5,000- 5500 Million units to India.

India had also been exporting around 190 MW power to Nepal over 12 cross border interconnections at 11kV, 33kV and 132 kV level. The export of power to Nepal further increased by around 145 MW with commissioning of Muzaffarpur (India)- Dhalkhebar(Nepal) 400kV line (being operated at 132 kV) in 2016.

Export of power to Bangladesh from India got further boost with commissioning of 1st cross border Interconnection between Baharampur in India and Bheramara in Bangladesh at 400kV in September 2013. It was further augmented by commissioning of 2nd cross border Interconnection between Surjyamaninagar (Tripura) in India and South Comilla in Bangladesh. At present around 600 MW power is being exported to Bangladesh.

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AAI, DRDO and Govt. of Jharkhand Signed a Tripartite MoU for Development of Deoghar Airport in Deoghar district of Jharkhand
Mar 28,2017

Airports Authority of India, Defense Research and Development Organization (DRDO) and Govt. of Jharkhand signed a tripartite MoU for development of Deoghar Airport in Deoghar district of Jharkhand. The existing Deoghar Airport will be developed for operations of A-320 and C-130 Aircraft. Signing of MoU took place in a ceremony held at the CM Residence.

The Govt. of Jharkhand has acquired 600.34 acres of land which will be handed over to AAI apart from the existing 53.41 acres Deoghar Airport land. D.R.D.O, Govt. of Jharkhand and AAI will provide Rs. 200 Crores, Rs. 50 Crores respectively to develop, operationalize and maintain the airport. The time frame given to develop and operationalize the Deoghar Airport is two years.

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Value of Output of Milk at Current Prices Rs.5,00,405 Crore in 2014-15
Mar 28,2017

As per National Account Statistics Report, 2016, the value of output of milk at current prices was Rs.5,00,405 crore in 2014-15, while at constant prices (2011-12) it was 3,89,846 crore. As compared to last year, the growth in value of output of milk is about 7.4 percent at constant prices.

As per National Dairy Development Board, it is estimated that out of total milk production 46% is consumed locally, and 54% is marketable surplus. The share of organized sector in the total marketable surplus of milk is about 30%, while the balance 70% is handled by the unorganized sector. Of the total organized liquid milk market, the cooperatives and private dairy sector have almost equal share.

The GDP estimates of milk industry are not available separately, although, the contribution of livestock sector to the countrys GDP is about 4 percent. Also, the share of value of output of milk group in the total livestock sector is about 67%.

Dairy is an important source of additional income for the farmers. Availability of milk processing facility and other infrastructure will benefit the farmers through value addition. A large number of milk processing units set up under the Operation Flood Programme has since become old and obsolete. A Dairy Processing and Infrastructure Development Fund would be set up in NABARD with a corpus of Rs. 8,000 crores over 3 years. Initially, the Fund will start with a corpus of Rs. 2,000 crores.

Currently milk cooperatives convert about 20% of milk procurement into conventional & other Value Added Products.

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Ind-Ra: Refinancing Risk of Real Estate Developers Seen Rising in FY18
Mar 28,2017

Falling sales have dimmed hopes of cash-strapped real estate developers for refinancing their debt obligations in FY18, says India Ratings and Research (India Ratings). The real estate sector has mainly relied on refinancing to meet its debt servicing obligations, given the negative cash flows. Such refinancing has provided a cushion for developers to hold prices despite slowing sales, and the high prices will further delay recovery in sales and cash flows. Ind-Ra believes sales are unlikely to revive in FY18 and refinancing will increasingly become difficult.

India Ratings had highlighted that real estate developers have been less reliant on bank credit and the growth in banking credit to the commercial real estate sector slowed down in FY17, with a growth of mere 0.4% since the start of the fiscal till 20 January 2017. The report had also highlighted that significant interest had been observed from non-banking finance companies and private equity investors for refinancing debt in the last three years.

Ind Ra notes that, finances of real estate developers continue to remain stretched due to elevated inventory and debt. India Ratings estimates that debt levels will further rise given the negative operating cash flows.

The Indian real estate market is currently grappling with a double whammy, one from the cash shortage caused by the impact of demonetisation and the second by the imminent introduction of the Real Estate Regulator (RERA). This, along with the increasing refinancing risk, would shake-up the sector, with developers with high leverage losing out. The sector also needs to undergo a structural change in the way it does business and move towards a model where projects are completed before sale. Such a structure would favour real estate companies having better access to funding. Larger players with access to multiple funding sources, such as NBFCs, PE funds and FDI in addition to banks are likely to have an advantage. This could lead to consolidation, which may be in the form of land sales or joint development of land with larger organised and well-funded developers.

This will usher in a new phase for the sector which is overcrowded with plenty of players with weak financials. We are likely to witness a series of joint developments and joint ventures between landowners and financially weak small developers with bigger, better-funded, better-organised players or weaker developers getting taken over by well-funded larger players, and struggling developers cashing in their land banks by selling them to players with stronger balance sheets and appetite for growth.

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Formulate suitable strategy to unlock significant growth potential in UPs dairy industry:ASSOCHAM plea to new govt.
Mar 28,2017

Apex industry body ASSOCHAM urged the BJP-led Uttar Pradesh (UP) government to formulate a suitable strategy for unlocking the significant growth potential of dairy sector in the state through productivity enhancement, strengthening and expanding village level infrastructure for milk procurement and providing producers with greater access to markets.

n++With 26 million tonnes (MT) of milk production, UP is ranked on top with 17 per cent in Indias total milk production of over 155 MT as of 2015-16,n++ noted an analysis of National Dairy Development Board (NDDB) statistics conducted by ASSOCHAM Economic Research Bureau (AERB).

n++However, despite commanding highest share in Indias total milk production, the state has registered a meagre 4.7 per cent annual growth in this regard between 2014-15 and 2015-16,n++ highlighted the ASSOCHAM sector-specific analysis.

Milk production across India has clocked over six per cent annual growth during this period.

While the number of registered units manufacturing dairy products in India has increased by 26 per cent between 2010-11 and 2013-14, while the number of such units in UP has declined by five per cent during this period.

Though the total output of dairy products manufactured by these units has increased by about 87 per cent and 96 per cent in India and in UP respectively.

Besides the number of people engaged in these dairy products manufacturing units have also increased considerably by about 29.5 per cent and 42 per cent in India and UP respectively.

n++The dairy sector can play an important role in providing jobs for rural communities as dairy production and processing provide employment, not only to people who work on dairy farms or in dairy plants, but also to the whole sector, from upstream inputs and services providers to downstream marketing of finished products,n++ said Mr D.S. Rawat, national secretary general of ASSOCHAM while releasing the findings of the chambers analysis.

n++Dairying is an important secondary source of income for many of rural families and has assumed the most important role in providing employment and income generating opportunities particularly for marginal farmers and women,n++ said Mr Rawat.

n++There is a need to recognise the importance of small farm dairy units and opportunities for value chain development, which can lead to poverty reduction and rural development in UP,n++ he added.

n++Dairy-sector development can be a powerful tool for reducing poverty and creating wealth in the state,n++ further said Mr Rawat.

The ASSOCHAMs analysis further highlighted that Jammu and Kashmir (16.5 per cent), Madhya Pradesh (13 per cent approx) and Andhra Pradesh (12 per cent) are top states in terms of annual growth in milk production.

It also noted that after Uttar Pradesh, it is the state of Rajasthan (12 per cent), Gujarat and Madhya Pradesh (about 8 per cent each) that have maximum share in milk production across India.

With growth of the economy a shift is seen from the regular diet of cereals to a more varied and nutritious diet of fruit and vegetables, milk, fish, meat and poultry products, all these aspects further highlight the need to build up a robust production as well as supply chain network of milk products.

n++Thus, the domestic dairy market must become increasingly responsive to market signals and changing consumer preferences,n++ the analysis noted.

For higher price realization, one needs to graduate from simple, low-value commodities to high-value added processed products. Marketing holds the key to ensuring that products are available at the right place, at the right time, at the right price. Brand building is an essential exercise for all dairy companies to exploit the full potential of the dairy value-chain. Some of the processed tradable dairy products comprise condensed milk, cheese, dry milk products and butter/ghee.

Following are certain suggestions to the UP government for formulating a long-term strategy for states dairy industry:

1. Promoting dairy entrepreneurship

2. Promoting application of new technologies for higher productivity

3. Strengthen economic viability of dairy farms.

4. Increase link between rural production areas and urban markets

5. Develop packaging in small quantities to meet the needs of poor.

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Credit growth in exports, shipping, farm mark uptick in sentiment: ASSOCHAM
Mar 28,2017

Export credit grew by a handsome 32 per cent in the current financial year , helped by a smart recovery in the global demand, also leading to an upturn in shipping, an ASSOCHAM Paper has said.

Analysing the RBI data, the paper noted that in the current financial year, up to January 20, some of the selective sectors remained in good shape despite an overall dismal credit growth of just about 3.3 per cent in 2016-17.

Going by the sector-wise deployment of gross bank credit, exports, agriculture and allied activities, shipping, professional services, consumer durables and vehicles were among the top in seeking funds from the lenders.

While the year -on-year export credit grew by 32 percent as on January 20, 2017 (the latest RBI data), shipping saw higher deployment of funds by 15.7 per cent , consumer durables by 17.1 per cent, and vehicles loans by 18. 2 per cent.

n++There are pockets of growth which are keeping the economy on track. This includes agriculture and allied activities (other than food credit) which saw a higher bank credit demand by over eight per cent. The improvement in shipping shows an upward movement in global trade, which is reflected in the smart recovery in the Indian merchandise exports in the current fiscal,n++ said ASSOCHAM Secretary General Mr D S Rawat.

Even as exports grew by a cumulative 2.52 per cent between April-February this fiscal, the expansion has been quite sharp in the later part of the year and in certain specific sector like engineering. For the 11-month period, Indias merchandise exports aggregated USD 245.41 billion against USD 239.37 billion in the same period last fiscal.

The exports fall under the Priority sector lending norms of the banks, adds ASSOCHAM.

n++Surely, things are further improving for the export sector and so is the demand for money,n++ the paper pointed out. Services as a key contributor to the Gross Domestic Product also did well in terms of deployment of credit which saw over eight per cent year on year rise for the period under review.

However, the manufacturing still remains a laggard, witnessing a de-growth of about seven per cent in bank credit deployment. So is the case with other sectors like non-banking finance companies and micro credit. Most of the Non-Performing Assets are locked up in manufacturing in sectors such as steel, besides some infrastructure segments.

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India and Vietnam to strengthen bilateral relations through medium of Cinema
Mar 28,2017

Shri M Venkaiah Naidu, Minister for Information & Broadcasting has said that collaboration in the field of Films, Broadcasting and Information Dissemination would strengthen the ties between India and Vietnam. Cooperation in the field of institutional capacity building in social media, student exchange programs between premier institutes of both the countries in the field of journalism and films would bring the two countries close. He mentioned this while meeting the Vietnamese delegation led by Minister of Information and Communications, Government of Vietnam Mr. Truong Minh Tuan.

During the discussions, Shri Naidu said that Ministry of Information & Broadcasting would extend all possible support to promote exchange programs between public broadcasters of the two countries, content creation, screening and distribution of films.

Shri Naidu apprised the Vietnam delegation about the Film Facilitation Office (FFO) setup in the Ministry of I&B to facilitate single window clearance for film makers. The FFO setup shall act as a facilitation point for film producers and assist them in obtaining requisite permissions, disseminate information on shooting locales as well as the details about the various facilities available within the Indian film industry for production/post production thereof.

Vietnam Minister in his remarks gave a brief overview about the Media scenario in their country and expressed hope that there would be cooperation between the National Broadcasters of both the countries to work closely in the field of real time information gathering and dissemination.

The Cultural Exchange Programme (CEP) signed in 2014 between the Ministry of Culture, Government of India and Ministry of Culture, Sports and Tourism, Government of Vietnam for the year 2015-17, provided the institutional framework for collaboration in the Films sector. Indian Prime Minister Shri Narendra Modis visit to Vietnam in 2016 was a significant event for both the countries reinforcing the Government of Indias n++Act East Policy.n++ The year 2017, marks 45th anniversary of the diplomatic relation and 10 years of strategic partnerships between the two countries.

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82 coal mines have been allocated by way of auction / allotment under the provisions of the Coal Mines (Special Provisions) Act, 2015 so far
Mar 28,2017

So far, 82 coal mines have been allocated by way of auction / allotment under the provisions of the Coal Mines (Special Provisions) Act, 2015 and the Rules made thereunder. Of these 82 coal mines, 31 have been allocated through e-auction and 51 by way of allotment.

No coal mine / block has been auctioned in the last one year under the provisions of the Coal Mines (Special Provisions) Act, 2015.. However, 6 coal mines have been allotted to State Government Undertakings for sale of coal in the last one year under the provisions of the said Act.

The Government has not fixed any revenue generation target from the auction/allotment of coal mines. A monitoring mechanism for the development of the coal mines in accordance with the efficiency parameters specified in the agreement is in place. The Nominated Authority reviews the progress of coal mines allocated under Coal Mines (Special Provisions) Act, 2015 on a regular basis. Failure by the allocattee companies in adhering to the terms and conditions / efficiency parameters for the development of the coal mines results in measures as stipulated in the agreement which includes appropriation of the performance bank guarantee and cancellation of the Allotment / Vesting Order, the Minister added.

An Online Coal Project Monitoring Portal has been established in the Ministry of Coal for resolving issues pending at the State level. Clarifications have been issued on various issues hampering mine development for expeditious operationalization of coal mines.

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Draft National Policy for Domestic workers under consideration
Mar 27,2017

A draft National Policy for Domestic workers is under consideration of the Government. The salient features of the Policy are as under:

i. Inclusion of Domestic Workers in the existing legislations

ii. Domestic workers will have the right to register as workers with the State Labour Department. Such registration will facilitate their access to rights & benefits accruing to them as workers.

iii. Right to form their own associations , trade unions

iv. Right to have minimum wages, access to social security, protection from abuse, harassment, violence

v. Right to enhance their professional skills

vi. Protection of Domestic Workers from abuse and exploitation who are recruited to work abroad

vii. Domestic Workers to have access to courts, tribunals, etc.

viii. Establishment of a mechanism for regulation of placement agencies.

In order to provide social security benefits to the workers in the unorganised sector including domestic workers, the Government has enacted the Unorganised Workers Social Security Act, 2008. The 2008 Act stipulates formulation of suitable welfare schemes for unorganised workers on matters relating to: (i) life and disability cover, (ii) health and maternity benefits, (iii) old age protection and (iv) any other benefit as may be determined by the Central Government through the National Social Security Board. Various Schemes, formulated by the Government to provide social security cover to the unorganized workers, listed in the Schedule I of the above Act are as under:

i. Indira Gandhi National Old Age Pension Scheme (Ministry of Rural Development)

ii. National Family Benefit Scheme (Ministry of Rural Development)

iii. Janani Suraksha Yojana (Ministry of Health and Family Welfare)

iv. Handloom Weavers Comprehensive Welfare Scheme (Ministry of Textiles)

v. Handicraft Artisans Comprehensive Welfare Scheme (Ministry of Textiles)

vi. Pension to Master Craft Persons (Ministry of Textiles)

vii. National Scheme for Welfare of Fishermen and Training and Extension (Department of Animal Husbandry, Dairying & Fisheries)

viii. Aam Admi Bima Yojana (Department of Financial Services)

ix. Rashtriya Swasthya Bima Yojana (Ministry of Health and Family Welfare).

Central Government has also launched the Atal Pension Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana for all citizens especially targeting unorganised workers to provide them comprehensive social security.

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Ministry of Labour & Employment provides housing subsidy of Rs. 1,50,000/- per worker for construction of house
Mar 27,2017

Ministry of Labour & Employment has formulated Revised Integrated Housing Scheme (RIHS), 2016, which is applicable to the workers engaged in Beedi/Iron Ore Mines, Manganese Ore & Chrome Ore Mines (IOMC)/Limestone Ore Mines, Dolomite Ore Mines (LSDM) /Mica Mines and Cine Industries, registered with the Labour Welfare Organisation (LWO) in the country.

In the Revised Integrated Housing Scheme (RIHS), 2016 the housing subsidy of Rs. 1,50,000/- will be released in three installments in 25:60:15 ratio. First installment (25%) of the subsidy i.e. Rs. 37,500/- per tenement will be released as advance after proposal received from the Welfare Commissioner concerned, the second installment (60%) of the subsidy i.e. Rs. 90,000/- would be released on reaching the lintel level and the third installment (15%) i.e. Rs. 22,500/- per tenement would be released after receipt of 100% inspection conducted by the Engineers/Officers of the Labour Welfare Organisation that the construction of houses has been completed in all respect.

Ministry of Labour & Employment provides housing subsidy of Rs. 1,50,000/- per worker for construction of house.

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Government of India signs Contracts awarded under Discovered Small Field Bid Round 2016
Mar 27,2017

The Government of India, today, signed the contracts of the fields awarded under the Discovered Small Field (DSF) Bid Round 2016 with the awardees at New Delhi. The event was presided by Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan. The delegation of Shri Pradhan included the Shri K D Tripathi, Secretary for Petroleum and Natural Gas and other senior officials of the Ministry.

The Minister also inaugurated a 2 way Interactive Portal for DSF in line with Ease of Doing Business (which is available at which has been developed by DGH to facilitate contract management and redressal of queries.

Addressing the gathering, the Minister said the DSF was introduced with an objective to take a strong step forward towards our Honble Prime Minister, Shri Narendra Modis vision of reducing Indias energy imports, by 10% by 2022. He said that the DSF bid round, which completed in a short span of time, helped us pilot several new initiatives such as the implementation of e-bidding system, an interactive mobile app, setup of virtual data center, facility of dedicated facilitation cell, conducting bidder facilitation workshops etc.

The Minister said that the cumulative peak production from the awarded fields is expected to be around 15000 BOPD of oil and 2 MMSCMD of gas over the economic life. The estimated total revenue would be approximately Rs. 46,400 crores, of which royalty collection and Governments revenue share is expected to be around Rs. 5,000 crores and Rs. 9,300 crores, respectively. It is also estimated that employment for ~37,500 persons would be generated through the awarded fields.

In the face of a global oil glut, and oil prices at half their level three years ago, we took a bet with this bidding round for hydrocarbon assets, thereby exemplifying the boldness that is now the face of business in India. Not just that, the overall response that we received from the bid round, even from bidders who could not succeed, has been nothing short of outstanding, the Minister added.

The Minister also mentioned that the Government is now working towards a second round of DSF Bidding, and shall also be rolling out the Hydrocarbons Exploration and Licensing Policy (HELP) through the Open Acreage Licensing (OAL) mechanism shortly, which shall provide good opportunity for more E&P investment.

Shri Pradhan congratulated the awardees and assured them of complete support and assistance from the Government. He also appreciated the efforts of the officials and partner organizations for the successful completion of the bid round.

Recently, the Petroleum Minister along with Minister of State (I/C) for Cpmmerce and Industry, Smt Nirmala Sitharaman and Minister of State for Road Transport and Highways, Shri Pon. Radhakrishnan met the delegation of representatives from Neduvasal Village of Tamil Nadu regarding their concerns on exploration in that area. The Ministers assured the delegation that the work on the field wills start when Government of Tamil Nadu addresses the local concerns in consultation with Central Government.

The Signing of Contract was attended by the successful awardees, E&P majors, Service Companies amongst others.

Details of the contracts signed under the Discovered Small Field Bid Round


Company / Consortium

No. of Contract Areas

Contract Area Names










PFH Oil and Gas










Ramayana+ Duggar+ BND Energy + Mahindra Infratech




Oil Max Energy




Nippon Power





Megha Engineering








Prize Petroleum












Adani Welspun




Sun Petrochemicals




GEM Laboratories




South Asia Consultancy FZE

Ratification of Kyoto Protocol
Mar 27,2017

n++The Government of India has decided to ratify the Second Commitment Period (2013- 2020) of the Kyoto Protocol. Developing countries like India have no mandatory mitigation obligations or targets under the Kyoto Protocol.

The Clean Development Mechanism (CDM) under the Kyoto Protocol enables developed countries to invest in n++Cleann++ projects in developing countries to gain emissions credits (Certified Emission Reduction-CER). Indian Industry has benefited from trading in CERs in the international market. Of late, due to lack of demand internationally, prices of CERs have been very low leading to low activities under this mechanism.n++

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Sanction of 101 New Integrated Cold Chain Projects
Mar 27,2017

India is one of the largest food producers in the world and is the second largest producer of fruits and vegetables yet only 2.2% of our fruits and vegetables are processed. India requires affordable cold storages and cold chains at every food producing hub in the country. While existing cold storages are concentrated in few states and roughly 80 to 90% are used for potatoes, India has a long way to go. MoFPI is building National Cold Chain Grid in the country so that all food producing hubs are connected to cold storage and processing industries.

Ministry of Food Processing Industries has been constantly involved in setting up new cold chain infrastructure which has both cold storage and processing facilities. The Ministry had announced sanction of 30 Cold Chain Projects in May, 2015. Today Ministry announces sanction of 101 new integrated Cold Chain Projects spread across the country. These projects are for fruits and vegetables, dairy, fish, meat, marine, poultry, ready to eat/ready to cook sectors.

The Ministry is focusing on creating Cold Chain infrastructure by strategic planning which eventually builds Cold Chain Grid in the entire country. This will help in realizing the vision of Honble Prime Minister for doubling of farmers income. It will also reduce wastage in agri supply chain and will create huge employment opportunities.

The scheme of Cold Chain and Value Addition Infrastructure provides financial assistance up to Rs. 10 crore for entrepreneurs.

These 101 new integrated cold chain projects will leverage total investment of Rs. 3100 crore for creation of modern infrastructure for the food processing sector. The total expected grant-in-aid to be released to these projects is Rs. 838 crore.

The 101 new Cold chain Projects will create additional capacity of 2.76 lakh MT of Cold Storage/Controlled Atmosphere/Frozen Storage, 115 MT per hour of Individual Quick Freezing (IQF) capacity, 56 lakh litres per day of Milk Processing, 210 MT per batch of Blast Freezing and 629 Refrigerated/Insulated vehicles.

These Integrated Cold Chain projects will not only provide a big boost to the growth of food processing infrastructure in the concerned states but also help in providing better prices to farmers and is a step towards doubling of farmers income. The infrastructure will also reduce wastage of perishables, add value to the agricultural produce and create huge employment opportunities especially in rural areas.

Creation of above Cold Chain Infrastructure and other necessary infrastructure would go a long way in further expanding and strengthening required food processing infrastructure in the country which shall create short, consistent and compressed supply chains from producers to processors, retailers and exporters and give major boost to fruits and vegetables processing, milk processing and non-horticulture food processing in the country.

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More than 2 dozen companies want collaboration with India Post Payments Bank
Mar 27,2017

Government has said that there are many companies who have approached the Department of Posts for collaboration with India Post Payments Bank. While the Department is in various stages of discussions with them, decision on formal partnerships will be taken after carefully evaluating the entire value proposition that they propose for the common man. The India Post Payments Bank had launched its two branches in Raipur (Chhattisgarh) and Ranchi (Jharkhand) on 30/01/2017 with basic products and banking services in partnership with Punjab National Bank.

Shri Sinha also said that the Payments Banks are different from regular Banks in the following fundamental ways as per RBI guidelines for Licensing of Payments Banks:

(i) Payment Banks are not allowed to undertake lending activities directly. It can accept demand deposits only that is savings and current accounts and will initially be restricted to holding a maximum balance of Rs. 100,000(Rupees one lakh only) per individual customer.

(ii) Payment Banks cannot accept Non Resident Indian (NRI) deposits.

(iii) The Payment Banks cannot set up subsidiaries to undertake non banking financial services activities.

A list of companies interested in partnering with India Post Payments Bank is:

List companies keen to partner with India Post Payments Bank.


YES Bank


Union Bank


Punjab National Bank


IDBI Bank (Industrial Developmentn++Bankn++of India)


SBI (State Bank of India)




Bank of Baroda


IDFC Bank (Industrial development finance company)


Deutshe Bank


Barclays Bank




NABARD (National Bank For Agriculture & Rural Development)


HSBC (Hongkong and Shanghai Banking Corporation)




Allahabad Bank


Indian Overseas Bank


Dena Bank


FIA (Financial Inclusion)


Kotak Mahindra Bank


United Bank of India


HDFC Life (Housing Development Finance Corporation)


Royal Sundaram


PNB Metlife (Punjab National Bank)


ICICI Lombard (n++Industrial Credit and Investment Corporation of India Bank)


ICICI Prudential (n++Industrial Credit and Investment Corporation of India Bank)


Bajaj Allianz Life

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