Economy News-Daily Digest: 4 Key Updates
1. Telangana launches India’s first state-led incubator for women
The government of Telangana launched Women Entrepreneurship Hub (WE-Hub), India’s first state-led incubator for women entrepreneurs. The incubator will help women entrepreneurs establish their own enterprises by providing services including seed funding, mentoring, and business guidance. Deepthi Ravula is heading the incubator as its Chief Executive Officer.
2. RBI fines Airtel bank ₹50 million
The Reserve Bank of India (RBI) has imposed a penalty of ₹50 million on Airtel Payments Bank Limited (the bank) for contravening operating guidelines for payments banks and the directions issued by it on know your customer (KYC) norms. This action is based on the deficiencies in regulatory compliance. Based on the complaints and adverse media reports alleging that the bank had opened customer accounts without a clear/specific consent of the customers, a supervisory visit to the bank was undertaken between November 20 and 22, 2017.
3. ISA-ADB, NDB, GCF, AfDB and AIIB joint declarations of Financial partnership
The International Solar Alliance (ISA) and the African Development Bank (AfDb), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Green climate fund (GCF), and the New Development Bank (NDB) signed Joint financial partnership Declarations. The International Energy Agency (IEA) also signed a Joint partnership Declaration with the ISA.
The objective of the agreements is to deepen their cooperation in support of Renewable Energy. The previous three partnerships were signed by ISA with the World Bank, the European Investment Bank and the European Bank for Reconstruction and Development. ISA is working for deployment of over 1000 GW of solar energy and mobilising more than US$ 1000 billion into solar energy by the year 2030.
The International Energy Agency is an autonomous agency within the framework of the Organisation for Economic Co-operation and Development (OECD), which works to ensure reliable, affordable and clean energy for its 30 member countries and beyond. The IEA has four main areas of focus: energy security, economic development, environmental awareness and engagement worldwide. The IEA is at the heart of global dialogue on energy, providing authoritative statistics and analysis.
The International Renewable Energy Agency is a universal international intergovernmental organisation that plays a leading role in the global energy transformation by supporting countries in achieving the increased adoption and sustainable use of all forms of renewable energy.
4. IREDA, EIB ink 150mn-euro loan agreement for renewable energy
Indian Renewable Energy Development Agency (IREDA) and European Investment Bank (EIB) have inked a 150 million euros loan agreement, a move that will benefit over 1.1 million households with clean energy.
IREDA, which is the financing arm of New and Renewable Energy Ministry, has signed the loan agreement for a second line of credit (LoC) on non-sovereign basis.
The line of credit is for tenure of 15 years, including a grace period of three years and will be used for financing renewable energy and energy efficiency projects in India. EIB is the long-term lending institution of the European Union owned by its member states.