Topic: Appointments
1. Ashu Suyash appointed as Independent Director on Board of Hindustan Unilever Limited (HUL).
- Ashu Suyash has been appointed as Independent Director on Board of Hindustan Unilever Limited (HUL).
- Her appointment became effective on November 12, 2021. She has served as Chief Executive Officer and Managing Director at CRISIL.
- She has also served as a member of the Operating Committee of S&P Global.
- She served on advisory boards and committees of Securities and Exchange Board of India (SEBI), Insolvency and Bankruptcy Board of India, and National Institute of Securities Markets.
- Hindustan Unilever Limited (HUL) is a subsidiary of Unilever, a British company. It is headquartered in Mumbai. Sanjiv Mehta is its Chairman and Managing Director.
Topic: RBI
2. RBI’s Retail Direct Scheme received over 12,000 registrations since its launch.
- RBI’s Retail Direct Scheme has received over 12,000 registrations since its launch on 12th November.
- Under Retail Direct Scheme, retail individual investors can make investments through primary issuance of government securities and secondary market.
- Retail individual investors can invest in G-Secs using the online portal by opening a Retail Direct Gilt (RDG) account with RBI.
- Under the scheme, retail investors can invest a minimum of ₹10,000 and in multiples thereof in Central Government Securities, State Government Securities and Treasury Bills (T-Bills).
- 1 gram is minimum investment unit in case of Sovereign Gold Bond. The maximum limit per bid specified by RBI is ₹2 crore for Central Government Securities / Treasury Bills (T-Bills).
- In primary issuance of government securities, investors can place a bid as per the non-competitive scheme for participation in primary auction of G-Secs and procedural guidelines for Sovereign Gold Bond (SGB) issuance.
- For secondary market investment, investors can buy and sell G-Secs on Negotiated Dealing System - Order Matching.
Topic: Banking System
3. P Jayarama Bhat completes his term as part-time non-executive Chairman of Karnataka Bank.
- P Jayarama Bhat completed his term as part-time non-executive Chairman of Karnataka Bank.
- He retired from the service on 13 November after completing his term approved by RBI.
- He assumed charge as part-time non-executive Chairman of Karnataka Bank on April 12, 2017. He will be replaced by Pradeep Kumar.
- Karnataka Bank is a private sector bank headquartered in Mangalore, Karnataka. Mahabaleshwara MS is its Managing Director and Chief Executive Officer.
Topic: Agriculture
4. Wheat stocks with FCI increase to a record high level of 41.98 million tonnes.
- Wheat stocks with Food Corporation of India (FCI) increased to a record high level of 41.98 million tonnes as of early November.
- Wheat stocks stood at 40.29 million tonnes in November last year.
- This year, stocks in November are twice the 17.52 mt operational stocks and 3 mt strategic as of October 1.
- The stocks have more than doubled over the past six years from 18.84 mt in 2016.
Food Corporation of India:
Food Corporation of India is an organization of India created and operated by the Government of India.
It is a statutory body under the Ministry of Consumer Affairs, Food and Public Distribution.
Atish Chandra is the current Chairman of FCI. It was established on 14 January 1965.
Topic: RBI
5. RBI says that lending institutions should clearly specify exact due dates for repayment of a loan and other details in loan agreement.
- RBI has said that lending institutions should clearly specify exact due dates for repayment of a loan frequency of repayment, breakup between principal and interest, and other details in the loan agreement.
- RBI has also said that borrowers should be apprised of special mention account (SMA) and non-performing account (NPA) classification dates at the time of loan sanction.
- As per RBI, the borrowers should also be notified of subsequent changes to sanction terms or loan agreement till full repayment of the loan.
- These instructions should be complied with by December 31, 2021, in respect of fresh loans. In case of existing loans, the instructions should comply as and when such loans become due for renewal/ review.
- RBI has also asked lending institutions to place consumer education literature on their websites such as the concepts of date of overdue, SMA and NPA classification.
- The basis of classification of Special Mention Accounts (SMA) will be as given below:
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Basis for SMA classification in the case of loans other than revolving facilities
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Basis for SMA classification in case of loans in the nature of revolving facilities like cash credit/overdraft
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SMA-0 (If principal or interest payment or any other amount wholly or partly overdue up to 30 days)
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SMA-1 (When principal or interest payment or any other amount wholly or partly overdue for more than 30 days and up to 60 days)
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SMA-1 (If principal or interest payment or any other amount wholly or partly overdue up to more than 30 days and up to 60 days)
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SMA-2 (When principal or interest payment or any other amount wholly or partly overdue for more than 60 days and up to 90 days)
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SMA-2 (If principal or interest payment or any other amount wholly or partly overdue up to more than 60 days and up to 90 days)
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Topic: Taxation
6. Taxpayers now allowed to access new Annual Information Statement (AIS) on e-filing portal.
- Income Tax Department has said taxpayers are now allowed to access new Annual Information Statement (AIS) on e-filing portal.
- New AIS includes additional categories of information like interest, dividends, securities and Mutual Fund transactions, and remittances from abroad.
- Last month, I-T department had expanded the list of high-value financial transactions, which would be available to taxpayers in their Form 26 AS.
- Form 26AS is an annual consolidated tax statement. Taxpayers can access it from the income-tax website using their Permanent Account Number (PAN).
- In Budget 2020-21 a new Section 285BB was introduced in the Income Tax Act to change Form 26AS to an ‘Annual Information Statement’.
Topic: Agriculture
7. FICCI to organize virtual agriculture summit on 17 November-18 November.
- Federation of Indian Chamber of Commerce and Industry (FICCI) will organize a virtual agriculture summit on 17 November-18 November.
- The summit ‘Envisioning Smart & Sustainable Agriculture’ aims to bring all key stakeholders and policymakers on a common platform.
- A knowledge report on ‘India Beyond 75: Envisioning smart and sustainable agriculture’ will be released during the summit.
- ‘FICCI Sustainable Agriculture Awards’ ceremony will also be held during the summit.
Federation of Indian Chambers of Commerce & Industry (FICCI) is a non-governmental trade association and advocacy group.
It is the largest and oldest apex business organization in India. It was established in 1927. It is a non-government and not-for-profit organization. Harshavardhan Neotia is its president.
Topic: Regulatory Bodies/Financial Institutions
8. Proposed Data Protection Authority may have Constitutional Status.
- Proposed Data Protection Authority may have Constitutional Status and this is one among the three issues to be resolved out at November 22 meeting of Joint Select Committee of Parliament on Data Protection Bill.
- Creation of State Data Protection Authorities and reduction of the penalty provisions on fiduciaries are other issues to be resolved.
- Constitutional status to Data Protection Authority will remove the conflict of interest since government collects most of the data.
- The select panel on the Data Protection Bill is headed by BJP MP PP Chaudhary. Penal provisions are prescribed in Section 57 of the Bill.
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