Banking, Financial and Economic Awareness of 08 and 09 December 2019

By PendulumEdu | Last Modified: 10 Dec 2019 18:12 PM IST

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.
Paytm:
- Parent organization: One97 Communications
- Headquarters: Noida
- CEO: Renu Satti
PhonePe:
- Headquarters‎: ‎Bangalore
- Founder & CEO: Sameer Nigam
Alipay:
- Headquarters: Shanghai, China
- Founder: Jack Ma
SoftBank:
- Headquarters: Tokyo, Japan
- Founder & CEO: Masayoshi Son
T Rowe Price
- It is an American asset management company that provides funds and advisory services.

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.

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.

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.

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

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