Topic: Banking System
1. Collateral-free “Kavach Personal Loan” launched by SBI.
- Collateral-free “Kavach Personal Loan” has been launched by State Bank of India to help its customers to pay for medical expenses of themselves and family members for Covid treatment.
- Under the scheme, loans up to Rs 5 lakhs at an effective interest rate of 8.5% per annum can be availed for 60 months.
- Reimbursement of Covid related medical expenses will also be covered under the loan.
- Collateral-free “Kavach Personal Loan” will also be part of Covid loan book, which banks are creating as per RBI’s Covid relief measures.
Topic: Banking System
2. Yes Bank’s board of directors gives approval to raise Rs 10,000 crore through debt securities.
- In its meeting held on June 10, Yes Bank’s board of directors has given the approval to raise Rs 10,000 crore through debt securities.
- The proposal to move the bank’s registered office from ONE International Centre, Elphinstone (W), Mumbai to Santacruz (East), Mumbai has also been approved by the board.
- The bank’s new office is the old headquarter of Reliance Anil Dhirubhai Ambani Group.
- Reliance Infrastructure Limited had sold off the property to Yes Bank for ₹1,200 crore in April 2021.
- Debt securities are different from equity securities. In debt security, the borrower should repay the principal borrowed.
- Non-convertible debentures, bonds, Medium Term Note (MTN) are some types of debt securities.
Topic: Indian Economy
3. IIP increases to 126.6 in April 2021 from 54.0 in April 2020.
- As per National Statistical Office (NSO) data, Index of Industrial Production increased to 126.6 in April 2021 from 54.0 in April 2020.
- Due to the base effect, India’s industrial growth increased by 134 % year-on-year in April.
- Most units had reported ‘Nil’ production in April 2020. Intermediate goods grew at 11.5% in April 2021 over April 2019.
- The output of capital goods and consumer durables fell short of April 2019 levels by 14.3% and 11.6%, respectively. This shows that lockdown has impacted production.
- Intermediate goods are the goods that are used as raw inputs in the production of other commodities. For example, steel sheets are used in the making of automobiles.
- Capital Goods are goods used to produce consumer goods. Consumer durables are goods that have a long life span.
Topic: Reports and Indices
4. Annual clean energy investment in developing economies should increase by more than seven times.
- As per a new report by International Energy Agency, annual clean energy investment in developing economies should increase by more than seven times.
- As per the report, annual clean energy investment in developing economies should increase from less than $150 billion last year to over $1 trillion by 2030.
- As per the report, energy-related carbon dioxide emissions from these nations will grow by 5 billion tonnes over the next two decades.
- International Energy Agency has brought out a report in collaboration with World Bank and the World Economic Forum.
- The report is titled Financing Clean Energy Transitions in Emerging and Developing Economies.
5. R S Sodhi conferred with Asia Pacific Productivity Champion award.
- Amul’s R S Sodhi has been conferred with the Asia Pacific Productivity Champion award.
- R S Sodhi is the managing director of Gujarat Cooperative Milk Marketing Federation (GCMMF).
- He has won this award from Asian Productivity Organization (APO), Tokyo, Japan.
- Government of India’s NPC under the Department of Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry has recommended Sodhi’s name.
- National Productivity Council (NPC) implements productivity plans of Tokyo based APO.
- Asian Productivity Organization (APO) is an inter-governmental body. Government of India is its founder member.
6. Reappointment of Chandra Shekhar Ghosh as MD and CEO of Bandhan Bank approved by RBI.
- Reappointment of Chandra Shekhar Ghosh as Managing Director and Chief Executive Officer of Bandhan Bank has been approved by RBI.
- His reappointment has been approved for a period of three years, with effect from 10 July 2021.
- His reappointment is subject to approval of shareholders at annual general meeting of the Bank.
- Bandhan Bank is a Kolkata based Indian banking and financial services company. Dr. Anup Kumar Sinha is its current chairman. Chandra Shekhar Ghosh is its MD and CEO.
- It began as not-for-profit enterprise in 2001 and changed into NBFC later.
- In 2015, RBI gave a universal banking license to Bandhan Bank and it started operation in 2015.