India to fill strategic reserve facility at Mangaluru with oil from UAE

India signed a deal with the United Arab Emirates that allows the Gulf nation to fill half of an underground crude oil storage facility at Mangaluru that is part of New Delhi’s strategic reserve system.

India-UAE signed on 14 agreements

Prime Minister Narendra Modi today highlighted strategic significance of India-UAE relations for both countries. India is hosting Abu Dhabi’s crown prince Mohamed bin Zayed Al Nahyan as a special guest for the Republic Day celebrations.
  • India regarded UAE as an important partner in India’s growth story. Both countries are united not only for business but also by a cultural history also. Scores of Indian citizens also live in the US.

Transparency puts India on list for failing to curb corruption

A major international index of corruption and transparency has placed India on the watch list for its inability to curb mega corruption scandals and petty bribery.
The annual index of Transparency International issued on January 25 for 2016 placed India with Brazil and China in the 79th position with a score of 40.

CMs Committee on Digital Payments presents interim report to the Prime Minister

The CMs Committee on Digital Payments led by the convener and Andhra Pradesh Chief Minister, Shri Chandra Babu Naidu has submitted the interim report on Digital Payments to the Prime Minister.

Important recommendations made by the committee:
  • The panel has recommended a ban on cash transactions beyond a threshold and a tax on payments beyond Rs 50,000.

National Payments Corporation of India ( NPCI )

National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA). 


Background:
The RBI, after setting up the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) in 2005, released a vision document incorporating a proposal to set up an umbrella institution for all the RETAIL PAYMENT SYSTEMS in the country.