1. Navaratna Status granted to CONCOR by Union Government:
Container Corporation of India Limited on 23 July was accorded Navaratna Status by the department of Public Enterprises under Union Ministry of Heavy Industry and Public Enterprises. CONCOR is the 17th Central Public Sector Enterprise to achieve Navaratna Status. CONCOR gives multi-model logistics support for the country's exim and domestic trade and commerce. The granting of Navaratna Status entitles the company boards to do investments up to 1000 cores rupees or 15% of their net worth in the whole year without seeking government permission.
Container Corporation of India Limited on 23 July was accorded Navaratna Status by the department of Public Enterprises under Union Ministry of Heavy Industry and Public Enterprises. CONCOR is the 17th Central Public Sector Enterprise to achieve Navaratna Status. CONCOR gives multi-model logistics support for the country's exim and domestic trade and commerce. The granting of Navaratna Status entitles the company boards to do investments up to 1000 cores rupees or 15% of their net worth in the whole year without seeking government permission.
About Navaratna: Navaratnta was the title given originally to 9 Public Sector Enterprises identified by the government of India in 1997 as "Public Sector companies that have comparative advantages", giving them greater autonomy to complete in the global market so as to support in their drive to become global giants.
2. RBI cancelled Certificate of Registration of six NBFCs:
The Reserve bank of India on 28 July cancelled the certificate of registration of six non-banking financial company. With this cancellation, these six NBFCs based in Delhi would not be able to conduct business of non-banking financial institution. Six non-banking financial institution whose registration has been cancelled:
2. RBI cancelled Certificate of Registration of six NBFCs:
The Reserve bank of India on 28 July cancelled the certificate of registration of six non-banking financial company. With this cancellation, these six NBFCs based in Delhi would not be able to conduct business of non-banking financial institution. Six non-banking financial institution whose registration has been cancelled:
- GE Strategic Investments India (GESII)
- Profund Exports Private Limited
- Two Brothers Holding Limited
- Swank Services Private Limited
- Praxis Consulting and Information Services Private Limited
- Credible Microfinance Ltd.
The registration certificate of a non-banking financial company can be cancelled by RBI under the powers conferred under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The business of a non-banking financial institution is identified in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.
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