Economy News-Daily Digest: 5 Key Updates

1. Govt asks 10 banks to cut staff benefits for capital

The government has asked 10 public sector banks (PSBs) to curtail employee benefits, including industry-standard pay hikes, if these want to receive any capital. The Centre wants these banks to sign a memorandum of understanding (MoU) with the employees’ unions to get a commitment on this. If the unions agree, benefits such as leave travel concessions and perks could go for a few years till the banks returned to health.

2. NTPC commissions second unit of Mouda Super Thermal Power Station

State-run power producer NTPC has commissioned the second unit of 660 MW of Mouda Super Thermal Power Station Stage-II. With this, the commissioned capacity of Mouda Super Thermal Power Station, NTPC and NTPC group has become 2,320 MW, 41,907 MW and 48,873 MW, respectively.

3. GM Pens tie up with German brand Schneider Schreibgeräte

GM Pens International Pvt Ltd, owner of Rorito brand of writing instruments, has entered into strategic technological tie-up with German writing instrument brand Schneider Schreibgeräte GmbH to launch pens with German technology and components. The company is also planning to expand its business to other school stationery products such as geometry box soon and to sell its products in the Middle East and African markets.

4. Fertiliser major GNFC eyes Rs 500 cr turnover from Neem products

Gujarat Narmada Valley Fertilizers and Chemicals Ltd (GNFC), a fertiliser major from Gujarat is now targeting a turnover of Rs 500 crore from its neem-based products portfolio in next three years. The company is planning to expand its FMCG portfolio to reach pan India.

5. CBDT asks taxman to make all out efforts to recover arrears

Worried over ‘unsatisfactory’ performance in collection of arrear and current tax demands, the CBDT has pulled up the Income Tax department asking it to take urgent steps to achieve the set targets without fail. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra has shot off a letter to all his regional chiefs asking them to make ‘concerted’ efforts to get the job done.

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