Banking, Financial and Economic Awareness of 13, 14 and 15 March 2021

Topic: Indian Economy

1. Ministry of Civil Aviation to try to obtain cabinet approval to sell Airports Authority of India’s stake in four airports.

• Ministry of Civil Aviation will try to obtain cabinet approval to sell Airports Authority of India’s stake in four airports.
• The names of these ports are Delhi, Mumbai, Hyderabad and Bangalore airports. The Airports Authority of India’s stake in these four airports is given below.

• Ministry will also try to take cabinet approval for monetization of 13 airports through the Operation, Management and Development Agreement (OMDA) model.
• Approximate number of airports owned currently by AAI is 125. Adani Group already got contracts for six airports.
• They are Lucknow, Ahmedabad, Jaipur, Mangaluru, Thiruvananthapuram and Guwahati airports.

Topic: Corporates/Companies

2. Rs. 310 crore worth dredging contract won by Adani Ports and Special Economic Zone Ltd (APSEZ) from Deendayal Port Trust in Kandla, Gujarat.

• Rs. 310 crore worth dredging contract has been won by Adani Ports and Special Economic Zone Ltd (APSEZ) from Deendayal Port Trust in Kandla, Gujarat.
• APSEZ is India’s biggest private port operator and private dredging contractor.
• Dredging Corporation of India Ltd (DCI) is owned by four major port trusts. Deendayal Port Trust is one of them.
• Ports on the western coast of India are prone to silting. They require annual maintenance through dredging. Kandla is officially called Deendayal Port Trust. 

Topic: Reports and Indices/Rankings

3. As per Bloomberg Billionaire Index, Gautam Adani’s wealth has seen biggest increase.

• As per Bloomberg Billionaire Index, Gautam Adani’s wealth has seen the biggest increase globally.
• His wealth increased from $16.2 billion to $50 billion as per Bloomberg Billionaire Index.
• The increase is higher than that of Elon Musk (an increase of $10.3 billion) and that of Jeff Bezos (increase of $7.59 billion).
• Mukesh Ambani added $8.1 billion to his wealth. Adani is expanding its business and proceeding ahead with the Carmichael coal project in Australia.
• Last month, a contract was signed by Adani Enterprises Ltd to develop 1 gigawatt of data centre capacity in India.
• Bloomberg Billionaire Index is a daily ranking of the richest people all over the world. Bloomberg News publishes it since March 2012.

Topic: Committees, Commissions and Taskforces

4. IRDAI forms 14-membered Committee to review its Information & Cyber Security Guidelines.

• IRDAI has formed 14-membered Committee to review its Information & Cyber security Guidelines.
• Institute for Development and Research in Banking Technology (IDRBT) Chairman D Janakiram is the head of this committee.
• A R Nithiyanantham is its member convenor. The Committee will submit its report in two months.
• Guidelines on information and cyber security for insurers were issued by IRDAI in April 2017.

Topic: Infrastructure and Energy

5. India’s first dedicated express cargo terminal launched by Kempegowda International Airport in Bengaluru.

• India’s first dedicated express cargo terminal has been launched by Kempegowda International Airport in Bengaluru.
• Dedicated express cargo is exclusively for the export and import of international couriers. Bangalore International Airport Limited operates Bengaluru airport.
• The terminal was inaugurated by the Chief Commissioner of Customs in Bengaluru zone Mr.M Srinivas. Express Industry Council of India will operate this facility.
• Express Industry Council of India consists of members from international & domestic express companies.

Topic: Miscellaneous

6. Final version of Atmanirbhar Niveshak Mitra Portal will be ready for launch by 15th May 2021.

• Final version of Atmanirbhar Niveshak Mitra Portal will be ready for launch by 15 May 2021.
• The portal is currently in the testing phase. The webpage of the portal will be made available in regional languages.
• It will be available in the mobile App in due course. Project is under the “Invest India” agency.
• Features of Atmanirbhar Niveshak Mitra Portal:
  • Daily updates on Policies and New Initiatives by Central and State Government.
  • AI based Chat Bot for resolving queries. One-stop-shop to access all MSME portals like Champions portal, MSME Samadhaan, MSME Sampark etc.
  • Information on Manufacturing Clusters and Land Availability and Search Investment Opportunities across different sectors, subsectors, and states.
  • Information and assistance on Bonded Manufacturing Scheme in India and Linking platform to other initiatives like National Single Window, Startup India, ODOP, PMG, NIP, etc.

Topic: Indian Economy/Financial Market

7. Industrial production contract by 1.6% in January.

• Industrial production contract by 1.6% in January with manufacturing sector output contracting by 2% in January 2021.
• As per Index of Industrial Production data, mining output contracted by 3.7%. Power generation increased by 5.5% in January.
• India’s foreign exchange reserve declined by $ 4.255 billion to $ 580.299 billion in the week ending March 5 due to a decline in Foreign Currency Assets.
• India’s foreign exchange reserve increased by $689 million to $584.554 billion in the week ending on February 26.

Topic: Indian Economy

8. Government has set up asset monetization targets for eight ministries.

• Government has set up asset monetization targets for eight ministries and the asset monetization target is highest in the case of Ministry of Railways.
• Government is also considering a plan to mandate NIIF for setting up an independent entity, which will act as an investment manager for all infrastructure investment trusts (InvITs) and REITs.
• Investment decisions on behalf of InvIT/real estate investment trusts (REIT) will also be the responsibility of the investment manager.
• The names of Ministries/Departments are given below.

Topic: Regulatory Bodies/Financial Institutions

9. Future Group’s founder, Kishore Biyani, deposits interim fine to SEBI in insider trading case.

• Future Group’s founder, Kishore Biyani, has deposited an interim fine to SEBI in insider trading case.
• Securities Appellate Tribunal (SAT) has ordered ₹11-crore interim fine on Biyani and others.
• On 15 February, Bench at SAT led by Justice Tarun Agarwala stayed SEBI’s order banning Biyani and others from accessing the securities market for one year.
• In its order, SEBI had found that a few entities of the Future Group traded in the shares of Future Retail. This was done on the basis of unpublished price sensitive information.
• In insider trading, a company’s securities are sold based on insider information. People who can access nonpublic information carry out trade of the company’s securities. Insider trading is illegal.

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