Business, Economy & Banking Current Affairs - 2019

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

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TCS gets Rs 1,100-cr contract from India Post

Tata Consultancy Services, India’s largest software exporter has bagged a six-year Rs 1,100-crore systems integration contract from India Post as part of the latter’s ‘India Post 2012’ programme to modernize its technology infrastructure.

The scope of the project,  includes developing and supporting mail, finance and accounts, HR, and customer interaction management solutions for all channels including Rural ICT platform.

Under the contract, TCS will also manage data migration, infrastructure, Service Level Agreement (SLA), call centre and centralised 24x7 service desk operation for Department of Post (DoP).

Increased urbanization, demand for financial services, increased funding by the government for the weaker sections and the rural sector have opened up new opportunities for India Post, which has necessitated development of new processes and supporting technology.

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IFC provides $5 million funds to NSL Renewable Power

NSL Renewable Power which develops and operates renewable energy projects across India, will be provided funding of of $5 million by the International Finance Corporation (IFC) – a member of the World Bank Group (not to be confused with World Bank). This financing will support the company to double its power generation capacity over the next 18 months. This is for the second time the company is receiving funds from the IFC after getting a $20-million equity investment that IFC had made in the company in 2011.

About NSL Renewable Power:

NSL Renewable Power develops and operates renewable energy projects using biomass, wind, hydro, and solar technologies. It has an operational capacity of 185 MW across India.

What is the difference b/w World Bank and World Bank Group?

The World Bank was created at the 1944 Bretton Woods Conference, along with three other institutions, including the International Monetary Fund (IMF). The World Bank and the IMF are both based in Washington DC, and work closely with each other.

Difference:

World Bank Group is a large group which comprises of five institutions collectively:

  1. International Bank for Reconstruction and Development (IBRD)
  2. International Development Association (IDA)
  3. International Finance Corporation (IFC)
  4. Multilateral Investment Guarantee Agency (MIGA)
  5. International Centre for Settlement of Investment Disputes (ICSID)

Whereas, World Bank is comprised of only two institutions:

  1. International Bank for Reconstruction and Development (IBRD)
  2. International Development Association (IDA)

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