NATIONAL

Governmet sets up ‘Indian Debt Resolution Company Ltd’

• The Indian Government has set up an asset management company (AMC)  to work along with National Asset Reconstruction Company(NARCL) to clear bad loans.
• It is named as ‘Indian Debt Resolution Company Ltd’ , It was set up with a paid capital of Rs80.5 lakh on an authorized capital of Rs50 crore.
• The major  shareholders include Bank of India(BOI), Bank of Maharastra, Punjab National bank, Bank of Baroda, IDBI bank, Indian bank, State bank of India, Canara bank and Union  bank of India.

About ‘Indian Debt Resolution Company Ltd’:

1. It is an Operational entity created to manage the asset and engage market proffesionals with experts.
2. Public sector banks would hold a share of 49% and the remaining stakes will be private sector lenders.

Prime Minister meets CEOs of five companies

• Just ahead of the global ‘Quad meeting’ Prime minister has met the CEO’s of 5 companies that have either invested in India or that has significant potential to invest in India.
• CEO’s of Qualcomm renewable energy, Adobe energy systems, General Automics and Blackstone group had their meetings with the Prime minister.
• The technology, energy and defence were the startegic talks held during the meeting.
• This meeting was aimed to boost the investments in India in the fields of artificial intelligence,semi conductors and 5G technologies and renewable energy.

Orders for 118 Arjun MK-1A battle tanks placed

• The Defence ministry has placed an order of 118 Arjun MK-1Amain battle tanks with Heavy Vehicles Factory(HVF), Avadi, at a cost of Rs7,523 crore.
• Mk-1A is a state of art Indeginiously developed new variant of Arjun tank,designed with enhanced mobility ,fire power and survivability.
• It has a good mobility in all terrains with precise target engagement, It has 72 additional features from the previous MK-1 variant.
• It is being designed and developed by the Combat Vehicles Research and Development Establishment(CVRDE).
• Arjun tank is Third generation main battle tank with 120mm riffled main gun with armour piercing fin stabilised discarding-sabot.

Yes bank to partner with Visa

• Yes bank has planned to partner with Visa to offer credit cards.
• The VISA card for Yes bank comes with 9 credit card variants that covers all the segments like consumer, corporate and buisness cards across Yes First, Yes Premia and Yes Prosperity.
• Earlier RBI had tie up with MASTER Card, which was impacted because of RBI banning  MASTER card.

‘National Single Window System’ launched

• The Union minister of commerce and industry Piyush goyal launched ‘National Single Window System’.
• This Is a single window system which will act as a One stop shop for Investors or entrepreneurs to get approvals needed from the government.
• It aims to bring transperancy, accountability and responsiveness in the eco system
• The portal as of today hosts approvals across 18 Central Departments & 9 States, another 14 Central depts & 5  states will be added by dec 21
• This poratl contains information about the common Registration Form, State registration form, Applicant dashboard, Document repository and E-Communication module.

INTERNATIONAL

Iran becomes 9^th member of Shanghai Cooperation Organisation(SCO)

• Iran was successfully admitted as a full member of Shanghai Cooperation Organisation, in the 21^st Summit of SCO.
• The 21^st summit was held in Dushnabe, Tajikistan, all the 8 members agreed to accept Iran as a main mermber.

About Shanghai Cooperation Organisation:It is an eurasian political, economic and security alliance with 9 members comprising China, Kazkhstan, Kyrgyzthan, Russia, Tajikisthan, Uzbekistan, India, Pakisthan and Iran, It is headquartered in Bejing, China.