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.
- CCI, based on expectations for one year ahead compared with the current situation is also called Future Expectations Index (FEI).
- CCI, based on current perception compared with one year ago, is also called the Current Situation Index (CSI).
- CSI and FEI comprise of five main variables. Economic situation, employment, price level, income and spending are five main variables.
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.
IDBI Bank was set up in 1964. It is headquartered in Mumbai. Its CEO is Rakesh Sharma.
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.
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.
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.
National Programme for Organic Production (NPOP) was launched in 2001. The APEDA is implementing NPOP.
Agricultural and Processed Food Products Export Development Authority (APEDA) comes under the Ministry of Commerce and Industry. It was formed in 1986. It is headquartered in New Delhi.
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.