Assam Current Affairs - 2019

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‘M-Pesa’ launched in Odisha

Telecom major, Vodafone India and ICICI Bank announced the launch of mobile commerce initiative called ‘M-Pesa’ service in Odisha.

About M-Pesa service

  • A mobile money transfer and payment service that allows customers to transfer money to any mobile phone, remit money to any bank account, make utility payments, recharge of mobile, DTH payment and earn interest on deposits.
  • Empowers the un-banked and under-banked sections of the population gain access to financial services through the mobile phone.
  • This service will now be available across 202 Tehsils, 24 Districts through 1350 specially trained authorized agents including 73 Vodafone exclusive stores in Odisha.

Apart from Odisha, ‘M-Pesa’ has been rolled out in Delhi, Mumbai, West Bengal, Punjab, UP East, UP West, Bihar, Jharkhand, Rajasthan, Gujarat, Maharashtra, Goa, Assam & North East and Haryana. It will be made available across the country in a phased manner.

Month: Categories: Business, Economy & Banking

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India and ADB signed loan agreement to improve rural roads in 5 States

Screenshot_15The Government of India (GOI) and Asian Development Bank (ADB) signed a $275 million loan agreement to continue improving rural roads in the states of Assam, Chhattisgarh, Madhya Pradesh, Odisha, and West Bengal. The loan represents the second tranche of $800 million financing facility under the Rural Connectivity Investment Program (RCIP).

  • Joint secretary of Department of Economic Affairs, Ministry of Finance, Mr. Nilaya Mitash and Country Director of ADB, Ms. M. Teresa Kho signed the pact.
  • Executing agency of the project: Ministry of Rural Development (MORD) at the central level, while the state governments of Assam, Chhattisgarh, Madhya Pradesh, Odisha, and West Bengal are charged with overall implementation at the state level for a period of 43 months.
  • The loan will construct 3,693 km of all-weather rural roads in the states which will benefit nearly 1,800 rural habitations.
  • Second phase of project is expected to be completed in June, 2017.
  • The central government will provide counterpart funds of $81.56 million for a total second tranche project investment cost of $356.56 million. 

Rural Connectivity Investment Programme (RCIP): A multi-tranche financing facility (MTFF) started by Asian Development Bank (ADB). RCIP will construct or upgrade the 9000 km of rural roads to an all-weather standard connecting around 4800 habitations in the States of Assam, Chhattisgarh, Odisha, Madhya Pradesh and West Bengal. 

Note: The second tranche from the ordinary capital resources of ADB has a 25-year term including a grace period of 5 years, commitment charge of 0.15% per year, and interest rate to be determined in accordance with ADB’s LIBOR-based lending facility.

Month: Categories: Governance & Politics

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