Banking Awareness of 10 and 11 October 2021

Topic: Reports and Indices

1. Consumer Confidence Index (CCI) for September 2021 improves to 57.7.

• As per RBI’s Consumer Confidence Survey, Consumer Confidence Index (CCI) for September 2021 has improved to 57.7 vis-a-vis 48.6 in July 2021.
• The improvement in CCI shows lower pessimism of consumers on the prevailing general economic situation.
• The improvement also reflects lower pessimism of consumers on employment scenario as well as household income and expenditure.
• RBI said that consumers reflected lower pessimism on the prevailing general economic situation, employment scenario as well as household income and expenditure.
• CCI, based on expectations for one year ahead compared with the current situation, has increased to 107 in September 2021 survey round vis-a-vis 104 in July 2021.
• 72.3% of respondents in the September 2021 round said that the current perception of general economic situation has worsened.
• Consumer Confidence Survey (CCS) for the September 2021 round was conducted through physical interviews, from August 29 to September 7, 2021 in 13 major cities.

Topic: Corporates/Companies

2. Reliance New Energy Solar Ltd announces ₹8,600 crore worth acquisitions.

• Reliance New Energy Solar Ltd has announced two acquisitions for nearly ₹8,600 crore.
• It has acquired a 100% stake in Norway-based REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd for $ 771 million (₹5,792 crore).
• It has also announced plans to buy 40% stake in Sterling and Wilson Solar Ltd (SWSL) for ₹2,845 crore.
• It has also signed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala and Sterling & Wilson Solar Ltd (SWSL) to acquire 40 % stake in Sterling and Wilson Solar Ltd (SWSL).
• In August, Reliance New Energy, along with other investors, had announced an investment of $144 million in Ambri Inc, an energy storage company based in Massachusetts, US.

Topic: Banking System

3. Government intends to issue EOI for strategic disinvestment of IDBI Bank by December.

• Government intends to issue an Expression of Interest (EOI) for strategic disinvestment of IDBI Bank by December.
• Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said that preparation for Expression of Interest (EOI) has started.
• Government of India owns 45.48% of the equity of IDBI Bank. LIC owns 49.24% of equity of IDBI Bank.
• LIC is currently the promoter of IDBI Bank with Management Control and GoI is the co-promoter.

Topic: Banking System

4. Digital lending platform for retail loans launched by Bank of Maharashtra.

• Digital lending platform for retail loans has been launched by Bank of Maharashtra.
• The platform will enable the bank’s current and prospective customers to avail home and car loans through a paperless process.
• It provides ‘in-principle approval’ for home loans and car loans instantly without human intervention.
• The digital lending facility can be availed by customers by visiting the bank’s website.

Bank of Maharashtra is headquartered in Pune. Its CEO is A.S. Rajeev.

Topic: Agriculture

5. Two IITians create “lab-in-a-pocket” solution, InfyZer.

• Two IITians have created a “lab-in-a-pocket” solution, InfyZer that performs the work of a laboratory within seconds and delivers results that show the quality of fruits & vegetables in seconds.
• The IITians (Amit Srivatsava and Ankit Chauhan) have set up an agritech firm, InfyU that builds gadgets that can digitally inspect fruits and vegetables at the source.
• InfyZer is a mouse-like device that works on the principle of spectroscopy powered by artificial intelligence created on an IoT-based platform.
• Currently, InfyU is working in Shimla in Himachal Pradesh, Noida in Uttar Pradesh and Bhiwandi in Maharashtra. It has plans to expand to Nashik in Maharashtra and Kashmir.

Topic: Agriculture

6. APEDA launches initiatives to popularise agricultural produce from union territories of Jammu & Kashmir and Ladakh.

• Agricultural and Processed Food Products Export Development Authority (APEDA) has launched initiatives to popularise agricultural produce from Union territories of Jammu & Kashmir and Ladakh.
• The initiatives aim to popularize agricultural products from Jammu & Kashmir and Ladakh such as the fragrant rice variety Mushkbudji, Acacia honey and Kashmir valley apples.
• During August-September, commercial shipments of Ladakh Halman apricots from Leh to Dubai have started for the first time.
• APEDA has also taken the initiative to sensitise growers, exporters, government officials and other stakeholders on requirements under the National Programme for Organic Production (NPOP). APEDA also co-organised a Vanijya Utsav in Leh during September 21-22.

Topic: Corporates/Companies

7. Bharatpe enters ‘Buy Now Pay Later’ segment with the launch of ‘postpe’.

• Bharatpe has entered ‘Buy Now Pay Later’ segment with the launch of ‘postpe’.
• Postpe app can be downloaded by customers from Play Store. Customers can avail interest-free credit limit of up to ₹10 lakh.
• BharatPe aims to facilitate a loan book of $300 million on postpe in the first 12 months.
• Ashneer Grover, Co-Founder and Managing Director, BharatPe said that postpe is a product built on three simple principles. Three principles are given below.
  • Consumers should be able to pay using credit everywhere (QRs, Card Machine or Online).
  • Consumers should be able to convert into EMI at ease – not inconvenienced at point of sale.
  • Merchants should not be charged for accepting payments through BNPL.

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