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

By PendulumEdu | Last Modified: 15 Mar 2021 16:51 PM IST
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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.

Airport Name

AAI’s Stake

Delhi and Mumbai airports

26% in each

Hyderabad and Bangalore airports

13% in each

  • 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.

Name of Ministry/Department

Asset Monetization Target

Ministry of Railways

Rs 90,130 crore

Department of Telecom

Rs 40,000 crore

Ministry of Road Transport and Highways

Rs 30,000 crore

Ministry of Power

Rs 27,000 crore

Ministry of Civil Aviation

Rs 20,000 crore

Ministry of Youth Affairs and Sports

Rs 20,000 crore

Ministry of Petroleum and Natural Gas

Rs 17,000 crore

Ministry of Ports, Shipping and Waterways

Rs 4,000 crore

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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Daily Banking Awareness Quiz | 4, 5 and 6 March 2021

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Daily Banking Awareness Quiz | 1, 2 and 3 March 2021

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Daily Banking Awareness Quiz | 25, 26 and 27 February 2021

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Daily Banking Awareness Quiz | 21, 22, 23 and 24 February 2021

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