Hi, NewsWrap for February 25, 2022

Energy Assets In Russia, RBI To Exchange Demonetized Notes, Bank of Baroda Revises FD, Revenue of Dairy Industry, Green Hydrogen Policy

25 February 2022

  • Green Hydrogen Policy Is Great, But We Need More

    The first phase of India's Green Hydrogen strategy was announced last week, demonstrating the country's sustainable vision. It shows that India not only wants to be a part of, but also to lead the global renewable energy revolution. The government's desire for India to become a green hydrogen export powerhouse exemplifies this. Beyond this dramatic declaration of commitment, the policy clearly shifts the needle toward the construction of a green hydrogen (GH) sector ecosystem, which is vital to India's climate aspirations. This includes a 45 percent reduction in the economy's carbon intensity by 2030.

  • Bank of Baroda Revises Fixed Deposit & Savings Rates

    Bank of Baroda (BoB), a public sector lender, has raised interest rates on fixed deposits (FDs) with effect from February 25. Following this change, Bank of Baroda's current FD interest rates range from 2.80 percent to 5.25 percent for maturities ranging from seven days to ten years. On FDs maturing in 7 days to 45 days, Bank of Baroda offers a 2.80% interest rate. BoB offers interest rates of 3.7 percent and 4.30 percent for maturity periods of 46 days to 180 days and 181 days to 270 days, respectively. It is 4.4 percent on FDs maturing in 271 days or more but less than a year.

  • OIL: No Immediate Plans To Invest In Energy Assets In Russia

    Oil India Ltd (OIL) stated it had no immediate plans to engage in Russia, signalling doubts about investing in Russia's PJSC Rosneft Oil Co.'s mammoth Vostok project, which it was eyeing through a consortium. ONGC Videsh Ltd (OVL), Indian Oil Corp. Ltd (IOC), and OIL formed a consortium to engage in Rosneft's vast Vostok project. As part of its energy security measures, India has been considering investing in Novatek's Arctic LNG-2 project. The development comes as Russia has declared war on Ukraine, despite Western economic sanctions.

  • Revenue of Dairy Industry To Rebound 12% This Fiscal to Rs 1.6 lakh Crore

    According to Crisil Ratings, the organized dairy industry in India will grow by 12% this fiscal to Rs 1.6 lakh crore, compared to a decadal low of 1% last fiscal, thanks to strong demand recovery in most value-added dairy products (VAP), steady liquid milk sales, and retail price hikes during the fiscal. As per rating agency, consistent demand for VAP (about one-third of organized sector sales) and liquid milk (roughly two-thirds of organized sector sales) would likely lead to 5-6 percent increase next fiscal, in line with the pre-pandemic norm. Potential retail price hikes could give even more benefit.

  • Court Directs RBI To Exchange Demonetized Notes Worth Rs 1.6 Lakhs

    The Reserve Bank of India (RBI) was ordered by the Bombay High Court on Friday to allow a petitioner, Kishor Sohoni, to exchange 1.6 lakhs worth of demonetized notes. In March 2016, a Kalyan court magistrate ordered the accused to deposit 1.6 lakh with the local police station in an earlier case of defrauding in which Sohoni was a complainant.

On the news

25 February 2022

That's it for for 25 February 2022
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