Current Affairs Agreements

  ICICI Lombard has been partnering with Fino Payments Bank to offer non-life insurance solutions to its customers. As part of this association, ICICI Lombard has introduced several innovative insurance solutions that complement Fina’s technology-enabled platforms and harness its customer reach. Some of these offerings include Hospicash that provide customers with the means to cover their loss of income, especially in the case of migrant workers, if they are hospitalized. ICICI Lombard and Fino also launched Dengue and Malaria policy which covers treatment to Dengue and Malarial diseases up to Rs. 10,000 at a premium as low as Rs. 49.
Source: The Business Standard

  The Centre and Asian Development Bank (ADB) has signed an agreement to extend 91 million US dollar loan to modernize the Vijayanagara Channel Irrigation Systems and prepare river basin management plans in the Krishna river basin. It will help improve irrigation water use efficiency and contribute to improving sustainable water security in Karnataka. The investment programme will help Karnataka Government strengthening its institutions involved in integrated water resource management and modernizing the irrigation system infrastructure for improving water use efficiency in the State.
Source: The News on AIR

 Council of Scientific & Industrial Research(CSIR)-Institute of Microbial Technology (IMTECH), Chandigarh signed a Memorandum of Understanding (MoU) with Indian Institute of Technology (IIT) Bombay to promote collaborative research. The MoU will facilitate the exchange of ideas, development of new knowledge and enhance high-quality research acumen between the researchers and faculty of both the institutes. The objective of this collaboration is to carry out state of the art research in areas of healthcare especially in projects and mission where both the institutes can significantly complement each other. Both the institutes shall benefit immensely through this partnership as it will facilitate the exchange of faculty and students for the purpose of research, teaching, development and implementation of collaborative research projects, professional development programs, and capacity-building efforts.
Source: The Press Information Bureau

  The Government e-Marketplace (GeM) signed a memorandum of understanding (MoU) with Federal Bank to offer a number of services including transfer of funds through GeM Pool Accounts (GPA), advising of Performance Bank Guarantees (e-PBG) and Earnest Money Deposit (EMD) to the registered users on the portal. The MoU will facilitate a cashless, paperless and transparent payment system on the portal and would create an efficient procurement system for government entities.
Source: The Indian Express

  Grasim Industries Limited has signed a definitive agreement to form a joint venture company in India with Maschinenfabrik Reinhausen GmbH (MR) of Germany. The joint venture is for the manufacturing and sale of Composite Hollow Core Insulators to serve the power transmission and distribution (T&D) industry globally. This joint venture will bring together Aditya Birla Insulators (a unit of Grasim) and Reinhausen Power Composites (a unit of MR). ABPCL will build a fully integrated CHCI plant at Halol, bringing the latest technology for Composite Hollow Insulators from Europe. It will serve the insulator requirements of Indian and global OEMs in the power equipment industry.
Source: The Hindu

  The AYUSH ministry has signed an MoU with the Defence Ministry to provide traditional medicine services at the armed forces’ hospitals and dispensaries. Minister of State for AYUSH Shripad Naik inaugurated an Ayurveda Palliative Care Unit at the Base Hospital in the Delhi Cantonment. Under the MoU, Ayurveda units will also be established at palliative care centres at the Army Research and Referral Hospital, Air Force Hospital, Hindon in Ghaziabad and five identified ex-servicemen Contributory Health Scheme (ECHS) polyclinics in Delhi–NCR.
Source: The Hindustan Times

  Home Credit India (HCIN), a local arm of the international consumer finance provider, has tied-up with Karur Vysya Bank (KVB) for joint lending using end-to-end automated processing which will help the customer get real-time approval and disbursement. Under the agreement, HCIN and KVB will disburse loans in a single amount to customers. With this partnership and by leveraging the lower cost of funds of KVB, Home Credit India will be able to reach out to a new segment of customer. Home Credit India has operations spread over 179 cities across 20 States in India.
Source: The Business Standard

  Mastercard, along with cricketer Mahendra Singh Dhoni, launched a nationwide initiative  ‘Team Cashless India’ to accelerate the acceptance and adoption of digital payments. The initiative ‘Team Cashless India’ brings consumers and merchants to the forefront of the digital payments dialogue. The campaign encourages all Indians to nominate one or more merchants who currently do not accept digital payments. Mastercard will work together with Confederation of All India Traders (CAIT), acquirer banks and fintech companies to support nominated merchants to deploy digital payments acceptance infrastructure.
Source: The Hindustan Times

  IIT Madras will collaborate with ExxonMobil on Research in Energy and Biofuels. The 5-year joint-research agreement focuses on biofuels, data analytics, gas conversion and transport, and is intended towards finding low-emission solutions. ExxonMobil Research and Engineering Company (EMRE) for research on energy and biofuels is the research and engineering arm of ExxonMobil Corporation, a leading global oil, natural gas, and petrochemicals company. ExxonMobil works with over 80 universities around the world. India is the 3rd highest producer of agro-residues globally with the surplus potential of over 230 million tonnes per year after China and Brazil. India’s huge biofuel potential is expected to get realized shortly with the ‘new biofuel policy’ of Government of India, which targets to convert the country’s biofuel industry into a $15.6 billion economy.
Source: The Hindu

  The Asian Development Bank and the Government of India has signed a $190 Million loan. The amount will be used to upgrade 754 km of state highways and major district roads (MDRs) to benefit about 26 million people in 14 districts of Rajasthan. For the benefit of commuters and pedestrians, particularly women and children, the project provides for constructing more than 200 bus stops, 70 km of hard shoulder, and 2 km of raised sidewalk on project roads.
Source: The Press Information Bureau


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