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Govt dept to collaborate with SBI to create integrated pension portal

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The Centre's Department of Pension & Pensioners' Welfare (DoPPW) will collaborate with SBI to create an integrated pension portal to enhance ease of living of pensioners, an official statement stated

INVESTMENT, PLANS, SAVINGS, mf, mutual funds, investors, equity, pension, NPS, fundsThe Centre's Department of Pension & Pensioners' Welfare (DoPPW) will collaborate with the State Bank of India (SBI) to create an integrated pension portal to enhance ease of living of pensioners, according to an official statement on Tuesday.

Sessions on pension policy reforms and digitisation regarding the disbursement of pensions to central government pensioners were organised with the objective of updating SBI field functionaries during the two-day bankers' awareness programme in Udaipur, Rajasthan.

Special sessions were organised on income tax matters related to pensioners as well as digital means of submitting annual life certificates, said the statement by the Ministry of Personnel, Public Grievances and Pensions.

It was decided that immediate efforts are needed for the creation of an integrated pension portal by linking the existing portals of the DoPPW and the SBI to provide seamless services to pensioners, it said.

Face authentication technology for digital life certificate may be advertised extensively by banks, the statement said.

Digital life certificate and face authentication technology would be a game changer for pensioners and banks in the submission of life certificates, it said.

It is expected that through these programmes, the objective of enhancing ease of living' of pensioners will be achieved to a great extent, the statement said.

Four such awareness programmes will be conducted in collaboration with the State Bank of India to cover the whole country, it said.

Awareness programmes on similar lines will be conducted in collaboration with other pension disbursing banks in 2022-23, the statement said.



If Tatas can't make Air India work, no one else in India can: Emirates President

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The Tata Group took control of loss-making and debt-ridden Air India on January 27 after successfully winning the bid for the airline on October 8 last year.If Tatas can't make Air India work, no one else in India can: Emirates  President

The Tata Group took control of loss-making and debt-ridden Air India on January 27 after successfully winning the bid for the airline on October 8 last year.

Clark stated, "I think the best thing that could have happened to Air India was for Tatas to take it over. I am probably the only one in this room who flew on Air India when it was run and owned by Air India. And it was a great airline. One of the first airlines to buy Boeing 707 aircraft in 1959 or 1960, whenever it was."

He said that for decades Air India has continued to be a small player on the international scene. India’s international passenger market is dominated by international airlines like Emirates, one of two flag carriers of the United Arab Emirates.

Emirates — which operates 170 flights connecting Dubai with Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Kochi, Kolkata, Ahmedabad and Thiruvananthapuram — carries a significant number of Indian passengers from India to Europe and US with one stop in Dubai.

While Air India remained a small player on the international passenger market for decades, there have been multiple casualties in the Indian aviation market like Kingfisher, Clark noted.

Many of the private carriers in India have done their level best under extraordinarily difficult conditions, not the least of which is that the fuel prices in India are extremely high because the government puts a lot of tax on them, he stated.

"So, it is not easy to operate in the Indian market even though the population is pretty upwardly mobile and getting more mobile over time. So you need a safe pair of hands with business acumen to be able to activate this (Air India). If Tatas can’t make it work, nobody over there (in India) will be able to make it work," he mentioned.

"One thing that India has got is a huge demand which a lot of countries do not have," he said. When asked how Air India’s rise will affect Emirates, he said, "As far as Emirates is concerned, well, bring it on, quite honestly."

"I mean, there is plenty for everybody. I think the fact is that they (passengers) like our product. We are pushing our A380 aircraft into places like Mumbai. I think we are heading to Delhi as well. But actually, wouldn’t they (Indian passengers) like one of their own to be able to go to places like Vancouver, etc? It has always been reliant on people like us (Emirates). Thank you very much. We are very grateful for it. And we keep asking for more (permission to operate more flights between India and Dubai)," he said.

Clark said Emirates is just filling up the vacuum in the Indian international passenger market as there is no other airline in the country which has been able to take up the slack. And even if there was, it still would not be enough. It is such a huge population, he added.

Emirates, through the UAE government, has been asking the Indian government for more bilateral rights to operate more flights between Dubai and India. When asked if he sees more opportunities to operate cargo flights to India post the India-UAE free trade agreement (FTA), Clark replied, "All I can say is that it is in the hands of the Indian government. Since 2015, we have been requesting for more points, more frequencies and more seats."

"I think it is really up to them. I do not think anyone could be more persuasive than we have been in the value of doing that," he added.

He said he is hoping that the new FTA will not only take care of cargo but also of passenger movement as well. He said he is hoping that the new FTA will not only take care of cargo but also of passenger movement as well. "But these things have always been, dare I say, vexing for the Indian government," he added.

When asked if he has seen any change in the Indian government’s behaviour off late on this issue, he replied, "Not really."

"I saw embracement of the two countries for the FTA but it has not manifested itself in more flights to India. I am hoping that will come," he added.

For the airlines of a particular country to operate international flights to a city in another country, the two sides have to negotiate and sign a bilateral air services agreement, which decides how many flights (or seats) per week can be allowed to fly from one country to the other.

Expedite NPA resolution, focus on credit growth: Finance ministry to PSBs

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Banks have been asked to put up branches in unbanked villages

Bank

The government on Monday took stock of credit growth and the performance of  (PSBs) on parameters including asset quality, financials, and recoveries from bad loans.

State-owned lenders have been asked to expedite the resolution of non-performing assets (NPAs).

 officials took stock of PSBs’ NPAs of over Rs 100 crore, an official said.

The meeting was scheduled to be chaired by Union Finance Minister Nirmala Sitharaman, but she could not attend it.

Minister of State for Finance Bhagwat Karad presided over the meeting, which was attended by Financial Services Secretary Sanjay Malhotra and senior officials of the Department of Financial Services (DFS).

With  conducting a credit outreach programme during the Azadi ka Amrit Mahotsav last week, the progress made on sanctioning loans was reviewed.

Growth in lending by  improved to 7.8 per cent in March 2022 from 3.6 per cent a year ago, but was lower than the 15.1 per cent by private banks in the same month, according to the Reserve Bank of India’s quarterly statistics.

An evaluation of PSBs’ capital-raising plans and efforts made to improve investor relations was also done.

After the launch of the EASE 5.0 reforms agenda earlier this month, banks were asked to share the progress on preparing a three-year bank-specific strategic road map, the official said.  officials reviewed the off-Budget borrowings by state government entities from .

With regard to financial inclusion, which was the second broader theme for review, the progress made by state-owned lenders on opening Jan Dhan accounts, and various schemes of the Centre such as the Agriculture Infrastructure Fund (AIF), Animal Husbandry Infrastructure Development (AHIDF), Pradhan Mantri Formalisation of Micro Food-Processing Enterprises (PMFME), was also assessed.

Banks have been asked to put up branches in unbanked villages, the official said.

The progress made by banks on setting up 75 digital banking units, as announced by Sitharaman in the Union Budget 2022-23, was looked at.

Banks have identified 75 districts that cover all states and Union Territories in the country. All PSBs, along with some private banks, have initiated work on having these units operational for launch in August this year.

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GST council may ease compliance issues for e-commerce suppliers

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Sources privy to the developments told CNBC-TV18 that compliance issues for e-commerce suppliers are likely to be eased. The council could also empower the Centre and states to issue show-cause notices to plug leakages.Gst Council May Ease Compliance Issues For E-Commerce Suppliers

The GST council meeting scheduled for June 28 and 29 in Chandigarh is likely to discuss a slew of legal changes.

Sources privy to the developments told CNBC-TV18 that compliance issues for e-commerce suppliers are likely to be eased. The council could also empower the Centre and states to issue show-cause notices to plug leakages.


According to sources, the government is going to present a detailed report on National Anti-Profiteering Authority (NAA) and the cases that are pending so far.


The government is also likely to inform the council that NAA has hired a solicitor general and a panel of lawyers to defend its case at various state high courts and also go in for appeals in Supreme Court where state high courts have ruled against the NAA.


CNBC-TV18 had earlier reported that the government is likely to merge NAA with the Competition Commission of India (CCI) by year end. "All pending cases of anti-profiteering authority post the merger are likely to be taken up by the competition watchdog," the sources said.


"As of May, there were close to 400 cases pending with the NAA, and the authority has been told to wrap up as many cases as possible on an urgent basis," said the sources.

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