1. Axis Bank
launched Ping
Pay service for instant money transfer

i. Axis Bank has launched the Ping Pay service, which
aims to transfer instant money transfer through mobile.

ii. Axis bank customer can transfer or ask for cash, through
various social media
channels like Whatsapp, Facebook, Twitter, Email list and phone contact list.

iii. The bank’s Ping Pay service competes with other banks
digital products like ICICI Bank’s Pockets and HDFC Bank’s Chillar.

iv. The
person to person funds transfer through Ping Pay would happen via NPCI’s
Immediate Payment Service (IMPS) and currently the transaction limit is at
Rs50,000 per day.

2. India’s first satellite-controlled solar plant set up in Punjab

i. India’s first satellite-controlled solar power plant has set up in Lalpur village in
Punjab’s Hoshiarpur district. The plant has been set up by Aditya Medisales,
which is part of the Sun Pharma Group

ii. The project will produce 4.2 MW of
electricity and the project built at a cost of Rs. 35 crore.

iii. The plant uses the ‘Single Axis Tracking
East West Tilt Technology’, which follows the path of the sun during the day to
generate eight percent more units of electricity compared to solar power plants
having traditional fixed type structures.

3. India inks pact with Iran
to develop Chabahar port

i. India
signed  an agreement with Iran for the
development of the strategically important Chabahar port which will give India
sea-land access route to Afghanistan bypassing Pakistan.

ii. The pact was signed after
comprehensive talks between visiting Road Transport and Highways Minister Nitin
Gadkari with the Iranian leadership in Tehran.

iii. Chabahar
port is located in Sistan-Balochistan Province on Iran’s southeastern coast and
is of great strategic utility for India which will get sea-land access route to
Afghanistan bypassing Pakistan.

4. President Mukherjee leaves for Russia

i. The President of
India Pranab Mukherjee will
embark on a five-day visit to Russia on Thursday and will be present at the
70th anniversary of Victory Day, which marks the victory of Russia in the
Second World War.

ii. He will also be conferred with an honorary
doctorate by the Diplomatic Academy of Russia.

5. ADB lend $31-million loan to Karnataka river basins

i. The Asian Development Bank (ADB) will provide
$31 million loan to boost water availability in selected river basins in
Karnataka.

ii. This loan
is the first tranche of the $150 million Karnataka Integrated and Sustainable
Water Resources Management Investment Program approved by ADB in 2014.

iii. This
program will improve irrigation efficiency in three river basins in the State,
saving 1,700 million cubic metres of water that could be used on an additional
160,000 hectares of farmland.

6. PM Modi opens account on Chinese social media
‘Sina Weibo’

i. Prime Minister of India has opened his account on Chinese social media ‘Sina
Weibo’ ahead of his China visit and become the first Indian leader to open an account
on the popular miocroblog with over 500 million users to reach out to the
Chinese people.

ii. Prime Minister three-day
visit to China, scheduled to take place from May 14 to 16. Over 500 million
Chinese use the service mostly through their mobile phones.

7. Forbes released list of world’s 2000 powerful
companies

i. Forbes has released the list of World’s 2000 powerful companies in which US is on top with its share of 579 companies.
China on the second spot and Japan slid to the third spot.

ii. 56
Indian firms figure in Forbes list of world’s 2000 powerful companies.

iii. Reliance Industries, the topmost
India company is ranked 142 on the list, down from last year’s 135th spot.
Reliance is followed by State Bank of India. Major banks ICICI Bank, Axis Bank
and HDFC Bank, PSUs like Oil and Natural Gas Corporation, Indian Oil, Bharat
Petroleum, NTPC and others like Tata Motors, Tata Consultancy Services ,Bharti
Airtel ,Infosys, Wipro ,Tata Steel and Adani Enterprises make it to the the
‘Global 2000’ list.

iv. According to the Forbes’s annual list issued
in New York, US and China dominate the current global business landscape with
top 10 spots for a second year in a row.

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