Banking, Financial and Economic Awareness

Half Yearly (Jan - June 2021)
2021 Book

Banking Awareness

Topic: Miscellaneous

1. Bihar signed Memorandum of Understanding (MoU) with UNEP.

  • Bihar signed MoU with UN Environment Programme (UNEP) for a climate-resilient and low-carbon development path.
  • Under the partnership, the carbon footprint of different sectors in Bihar would be assessed with the support of UNEP.
  • A plan would also be prepared with the support of UNEP to minimize carbon dioxide emissions and improve carbon sinks.
  • Bihar would prepare climate impact vulnerability assessments and greenhouse gas inventory with the help of UNEP.
  • Revision of Bihar’s State Action Plans on Climate Change is also a part of partnership with UNEP.
  • Bihar government had launched Jal-Jeevan Hariyali Yojana to promote the plantation of trees. It has been working to control pollution in non-attainment cities such as Patna, Gaya and Muzaffarpur.
  • CPCB had identified certain polluted cities as non-attainment cities. Pollutants in these cities breach prescribed National Ambient Air Quality Standards.

Topic: Miscellaneous

2. NDB announces investment of $100 million into the NIIF Fund of Funds (FoF).

  • New Development Bank (NDB) has announced an investment of $100 million into the NIIF Fund of Funds (FoF).
  • This is the first-ever investment of NDB into a Fund of Funds and its first equity investment of NDB into India.
  • Total investment in FoF now stands at $800 million. Government of India (GoI), Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) are other investors in FoF.
  • NIIF Fund of Funds (FoF) was formed in 2018. It is one of the three funds managed by National Investment and Infrastructure Fund (NIIF). As of now, it has made investments of over ₹2,750 crores in four funds.

Topic: Appointments

3. Marc Llistosella appointed as CEO and MD of Tata Motors.

  • Marc Llistosella has been appointed as Chief Executive Officer (CEO) and Managing Director (MD) of Tata Motors.
  • His appointment will become effective from July 1, 2021. He will replace Guenter Butschek.
  • Guenter Butschek is the current CEO and MD of Tata Motors. Natarajan Chandrasekaran (N Chandrasekaran) is the current Chairman of Tata Sons.
  • Marc Llistosella had earlier worked with Daimler India Commercial Vehicles Pvt Ltd. and Fuso Truck and Bus Corporation.

Topic: Corporates/Companies

4. Partnership announced between Indian Space Research Organization (ISRO) and MapmyIndia.

  • Partnership has been announced between ISRO and MapmyIndia to provide fully indigenous mapping portals, apps and geospatial services.
  • These services would be provided through digital maps and technologies of MapmyIndia and ISRO’s catalogue of satellite imagery and earth observation data.
  • This partnership will help in the development of geospatial solutions using Earth Observation Datasets, NavIC, Bhuvan, VEDAS and MOSDAC Geoportals.
  • Department of Space has signed MoU with CE Info Systems Pvt Ltd to provide these geospatial services. ISRO comes under the Department of Space.
  • CE Info Systems Pvt Ltd owns MapmyIndia. It is an Indian company that builds digital map data and other services. It is India’s leading digital mapping company.
  • MapmyIndia had won Aatma Nirbhar App Innovation Challenge 2020 of the Government of India.
  • Bhuvan is a national geo-portal. ISRO developed it. It was released in 2009.
  • VEDAS is an online geoprocessing platform. Its full form is Visualisation of Earth observation Data and Archival System. 
  • MOSDAC (Meteorological and Oceanographic Satellite Data Archival Centre) is a data repository of ISRO’s meteorological missions.

Topic: Banking System

5. Setting off accumulated losses to Securities Premium Account of IDBI Bank approved.

  • Setting off accumulated losses of IDBI Bank to its Securities Premium Account has been approved by IDBI Bank Board.
  • IDBI Bank’s Board of Directors recently held its meeting on 12 February and approved setting off accumulated losses as of April 1, 2021.
  • The approval for setting off accumulated losses is through a scheme prepared under different provisions of the Companies Act, 2013.
  • In January 2021, IDBI’s management said that it now meets the criteria to come out of Prompt Corrective Action (PCA) framework.
  • From January 2019, RBI had categorized IDBI Bank as a Private Sector Bank for regulatory purposes.  However, it is public sector in nature. LIC owns a majority stake in IDBI Bank.
  • In November 2020, Indian Bank carried out the exercise of setting off accumulated losses from its share premium account.
  • The value by which the issue price is higher than the face value of the stock is called share premium. It is also called securities premium. This share premium is credited to special account, called securities premium account.

Topic: Banking System

6. Bankdata, an IT services provider, enabled open banking with leading open banking platform Nordic API Gateway.

  • Bankdata, an IT services provider, enabled open banking with leading open banking platform Nordic API Gateway.
  • Open Banking was first introduced by the authority of UK government and UK tax authority recently gave an open banking contract to Ecospend. Ecospend is a fintech startup.
  • Open banking allows authorized providers to obtain financial information (spending habits, payment bills etc.) related to their potential borrowers. 
  • It has come up because of the use of fintech and APIs (application programming interfaces). In Open Banking, organizations exchange data through APIs.
  • In Open Banking, third parties can access the banking data of consumers to develop products and services. This is done after obtaining the consumer’s consent.

Topic: Corporates/Companies

7. MoU signed between Maharashtra government and Flipkart.

  • A Memorandum of Understanding (MoU) has been signed between Maharashtra government and Flipkart.
  • The purpose of signing MoU is to promote wooden toys, local artifacts and handicrafts.
  • Under the MoU, Flipkart will provide free training to artisans, weavers, craftsmen & MSMEs from Maharashtra.
  • The MoU will help these manufacturers to display their products to millions of customers in India.

 

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