1. $660 million funds collected by Paytm
- The fund has been collected from Alipay, T Rowe Price, SoftBank, and others.
- It will help Paytm in competing with PhonePe and Google Pay.
- Parent organization: One97 Communications
- Headquarters: Noida
- CEO: Renu Satti
- Headquarters: Bangalore
- Founder & CEO: Sameer Nigam
- Headquarters: Shanghai, China
- Founder: Jack Ma
- Headquarters: Tokyo, Japan
- Founder & CEO: Masayoshi Son
- T Rowe Price
- It is an American asset management company that provides funds and advisory services.
2. SWAMIH Investment Fund I closes at 10,530 crore
- It aims to provide last-mile funding to complete the construction of unfinished housing projects.
- SWAMIH Investment Fund I is a category II Alternative Investment Fund (AIF) and was formed under SWAMIH.
- The fund is sponsored by the Government of India and SBICAP Ventures Limited (SVL) is its Investment Manager.
- SWAMIH (Special Window for Affordable and Mid-Income Housing):
- Finance Minister announced SWAMIH on September 14, 2019.
- Cabinet approved the scheme on November 2, 2019.
3. In 2019, Rupee remains weak against the United States dollar
- Despite an increase in foreign funds, Rupee depreciates by 2.5% and remains weak against the United States dollar.
- The Foreign Portfolio Investors (FPIs) have invested a total Rs 1.31 lakh crore over previous 11 months.
- India’s foreign exchange reserves have increased from $428.60 billion on 30 August to $448.59 billion on 22 November.
- The increase of almost $20 billion shows the buying of dollars by RBI to prevent an increase in the value of Rupee (appreciation).
- Weak Rupee (depreciation) helps exports and makes the country competitive in the international market.
- On the other hand, appreciation might have negatively affected exports, particularly manufacturing exports.
4. ARGL will go through CIRP again
- The resolution plan for Amtek Ring Gears Limited (ARGL) has been approved by NCLT.
- ARGL's lenders have approved Investment Opportunities IV Private's bid on June 4, 2019.
- SBI took ARGL to National Company Law Tribunal (NCLT) in 2017, and in 2018 NCLT accepted ARGL for resolution under the Insolvency and Bankruptcy Code (IBC).
- In August 2018, the lenders chose Liberty House as the highest bidder.
- Later, Resolution Professional (RP) asked Liberty House to begin taking over ARGL.
- But, Liberty House failed to do that. It was also the highest bidder for Amtek auto and failed to take over Amtek auto.
- Then, NCLT ordered the liquidation of ARGL, which was stopped by the Supreme Court. However, the Supreme Court later took back its order.
5. IRDAI may start catastrophe insurance
- After approval by Centre, IRDAI will start catastrophe insurance on a pilot basis in selected states.
- Currently, losses due to all catastrophes and man-made disasters that are not insured make up 84 % of total losses.
- Insurance Regulatory and Development Authority of India (IRDAI):
- It is an autonomous, statutory organization.
- It was formed in 1999.
- It regulates and promotes both insurance as well as reinsurance industries in India.
- It has 10 members, including the chairman, 5 full-time and four part-time members.
- Government of India appoints part-time members of IRDAI.
- Chairman: Subhash Chandra Khuntia
6. Kerala government starts Kerala Bank
- State co-operative bank and district co-operative banks will be part of Kerala Bank.
- As a result, Kerala will have a two-tier co-operative banking system in place of the earlier three-tier system.
- On 31 March 2017, State Bank of Travancore was merged with the State Bank of India.
- State Bank of India (SBI):
- It was formed in 1955 from the Imperial Bank of India.
- Chairperson: Rajnish Kumar