Economy Current Affairs - 2019
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The Appointments Committee of the Cabinet (ACC) chaired by Prime Minister Narendra Modi has appointed Anil Kumar Chaudhary as new Chairman of Steel Authority of India Ltd. He will in office till his superannuation in December, 2020. He will succeed P K Singh, who had retired from the post in June 2018. Prior to this appointment, he was serving as Director (Finance) at SAIL.
Steel Authority of India Limited (SAIL)
SAIL is one of the largest state-owned steel in India and one of the top steel makers in world. It is India’s largest steel making company (annual production capacity of 14.38 million metric tons) and 24th largest steel producer in the world. It was founded in 1954 and incorporated in 1973. Its headquarters are in New Delhi. It operates and owns five integrated steel plants at Bhilai, Durgapur, Rourkela, Bokaro and Burnpur and 3 special steel plants at Salem, Durgapur and Bhadravathi.
State-owned India Post Payments Bank (IPPB) and private life insurer Bajaj Allianz Life Insurance Co Ltd (BALIC) have entered into strategic partnership to provide life insurance solutions. It will allow IPPB customers across segments to access wide array of life insurance products and services especially at doorstep. BALIC is the first life insurer to partner with IPPB. This partnership will allow BALIC to leverage IPPB’s last mile reach for building awareness about life insurance.
India Post Payments Bank (IPPB)
IPPB has been set up as Public Limited Company under Department of Posts (DoP) with 100% Government of India (GOI) equity. It was launched on September 1, 2018 in New Delhi. It has begun operations with 650 branches and 3,250 access points across the country. It leverages DoP’s network, resources and reach to make low-cost, quality and simple financial services easily accessible to customers in the country.
It offers basic banking services acceptance of demand deposits, remittance services, internet banking and other specified services. It does not lending services. It can accept deposits up to Rs. 1 lakh per account from individuals and small businesses. It can issue ATM/debit cards but not credit cards. It can also issue other prepaid payment instruments. It can also distribute non-risk sharing simple financial products like mutual funds and insurance products.