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India, UAE trade volume to reach $100 bn by 2020: CII

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Modi-and-crown-prince-of-abu-dhabiNew Delhi: The trade between India and UAE in terms of volume — currently at $60 billion — is expected to reach $100 billion by 2020 with increasing interest of Indian companies in the Middle East markets, a top industry body said on Wednesday.”The trade between India and UAE, which is estimated to be around $60 billion currently, is all set to grow and hit the $100 billion-mark by the year 2020 with the growing interest by the Indian companies in the Middle East markets,” the Confederation of Indian Industry (CII) said in a statement here.

About 50 Indian companies are participating in the Middle East Electricity Exhibition which opened on Wednesday in Dubai at the World Trade Centre displaying a wide variety of products ranging from cables to conductors, capacitors, transformers and switchgear products.CII, together with the Ministry of Commerce and Industry, has arranged to showcase Indian industry participation at the exhibition.Hosted by the UAE Ministry of Energy, it is the largest international trade event for the power industry, covering the generation, transmission and distribution of electricity, the renewable and nuclear energy sectors and the lighting industry.

“The initiatives taken by the government and the announcements made in the recent Budget shall certainly enhance industries’ competitiveness in the country and in particular the micro-small and medium enterprises (MSMEs),” the statement said.The step towards reducing the corporate tax rate for small companies will have a positive impact on the viability of around 67 lakh businesses in India. “As the MSMEs become more viable and sustainable, the overall attractiveness of the small businesses will increase leading to the growth of positive orientation and entrepreneurship in the country,” it said.

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Rajya Sabha passes co-operative banks under RBI supervision bill.

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The Rajya Sabha on Tuesday passed the Banking Regulation (Amendment) Bill, 2020, to bring co-operative banks under the supervision of the Reserve Bank of India (RBI).

During the discussion on the bill, finance minister Nirmala Sitharaman told the House that several co-operative banks came under stress during the Covid-19 pandemic and their finances are being closely monitored by banking sector regulator Reserve Bank of India (RBI).

The amendment is to protect the interests of depositors and the legislation will help a quick recovery in cases of stressed co-operative banks without any moratorium, she said.

Sitharaman assured the House that the legislation empowers the central bank to regulate only the banking activities of co-operatives and it is not applicable to a primary agricultural credit society or a co-operative society providing finance for agricultural development.

The bill has already been passed by the Lok Sabha on September 16.

India has different types of co-operative banks — urban co-operative banks (UCBs) and rural co-operative banks (RCBs). RCBs are classified into state co-operative banks (StCBs) and district central co-operative banks (DCCBs). According to the RBI, as on March 31, 2019, there were 1,544 UCBs, 34 StCBs and 352 DCCBs. Total amount of deposits of all UCBs as on March 31, 2019 was Rs 484,315.85 crore and RCBs was Rs 505,859.16 crore.

The amendments do not affect existing powers of the state registrars of co-operative societies under state co-operative laws.

The legislation also enables making of a scheme of reconstruction or amalgamation of a banking entity for protecting the interest of depositors without resorting to moratorium that freeze withdrawals by depositors. The bill replaces an ordinance that was promulgated in pursuance of the commitment “to ensure safety of depositors across banks” by the President on June 26.

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