1. CCI approves acquisition by Zomato of about 9.3% stake in Grofers.
- Competition Commission of India (CCI) has approved the acquisition by Zomato of about 9.3% stake in each of Grofers India and Hands on Trades (HoT) Private Limited.
- This marks Zomato’s entry into the online grocery retail segment. Grofers International is holding company of both Grofers India and HoT.
- Zomato had recently invested $100 million for acquiring a minority stake in Grofers.
- CCI has also approved the acquisition of shares by Plum Wood in ANI Technologies.
- Plum Wood is an investment holding company. ANI is engaged in operating mobile technology platform which provides taxi aggregation services under the brand name of Ola.
Topic: Infrastructure and Energy
2. 100 MW solar project commissioned by Tata Power Renewable Energy Ltd at Raghanesda Solar Park, Gujarat.
- 100 MW solar project has been commissioned by Tata Power Renewable Energy Ltd at Raghanesda Solar Park, Gujarat.
- The project will reduce 2,00,000 tonnes of carbon emission every year. It was awarded by Gujarat Urja Vikas Nigam Ltd (GUVNL).
- Raghanesda Solar Park is located in the Banaskantha district of Gujarat. It is one of the biggest solar parks in India.
- Tata Power Renewable Energy Ltd (TPREL) is a wholly-owned subsidiary of Tata Power.
Topic: Indian Economy/Financial Market
3. ONDC will not be limited to products but also be available for services.
- Commerce & Industry Minister Piyush Goyal has said that Open Network for Digital Commerce (ONDC) will not be limited to products but also be available for services.
- Government may also think about setting up an independent regulatory authority for e-commerce like SEBI for capital market.
- The advisory council for ONDC was constituted on July 5. It includes Nandan M. Nilekani, R S Sharma, Adil Zainulbhai, Anjali Bansal, Arvind Gupta, Dilip Asbe, Suresh Sethi, Praveen Khandelwal and Kumar Rajagopalan.
Open Network for Digital Commerce (ONDC):
It is the government’s initiative to democratise digital commerce by moving it from a platform-centric model to an open-network.
It is being implemented by Department for Promotion of Investments and Internal Trade.
Topic: Banking/Financial Schemes
4. Continuation of input duty rebate scheme for garments and made-ups notified for three years.
- Continuation of input duty rebate scheme for garments and made-ups has been notified for three years from January 1, 2021 to March 31, 2024.
- Last month, the Union Cabinet has approved the extension of Rebate of State and Central Levies and Taxes (RoSCTL), till March 2024.
- Textile Ministry has fixed maximum rate of rebate for the scheme at 6.05% for apparel and 8.2% for made-ups.
- The eligibility criteria for the scheme will remain the same. The scheme will be available for only the export of garments and made-ups (including bed sheets, curtains, pillow covers and towels).
Topic: Reports and Indices
5. State Bank of India’s business activity index for the week ended August 9, 2021 stood at 101.6.
- State Bank of India’s business activity index for the week ended August 9, 2021 stood at 101.6.
- The index reading for May 22, 2021 was 61.4 and for July 21, 2021, was 94.2.
- Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI said that recovery is visible in labour participation rate, electricity demand, Google mobility and Apple mobility index.
- In the report “Covid-19: Vaccinate, Vaccinate & Vaccinate!” Ghosh observed that the month-on-month (m-o-m) rural recovery in July is expected to be steady.
- As per the report, critical mass (70%) may be covered with 1st dose of Covid-19 vaccination by November-end 2021 and the second dose by March 15, 2022 at the present vaccination rate of 45 lakh per day.
6. Digital payments firm MobiKwik adds four independent directors to its Board of Directors.
- Digital payments firm MobiKwik has added four independent directors to its Board of Directors.
- The four independent directors are Punita Kumar Sinha, Navdeep Singh Suri, Sayali Karanjkar and Raghu Ram Hiremagalur.
- On July 12, MobiKwik had filed its draft red herring prospectus with SEBI for an IPO to raise ₹1,900 crore.
- MobiKwik was founded in 2009 by Bipin Preet Singh and Upasana Rupkrishan Taku. Bipin Preet Singh is its MD and CEO.
7. Parliament passed General Insurance Business (Nationalisation) Amendment Bill, 2021.
- On 11 August 2021, Parliament passed the General Insurance Business (Nationalisation) Amendment Bill, 2021.
- It has made amendments to the General Insurance Business (Nationalisation) Act, 1972.
- It allowed the privatization of state-run general insurance companies.
- It has removed the mandatory shareholding of 51 percent of government in General Insurance Corporation of India, National Insurance, New India Assurance, Oriental Insurance, and United India Insurance companies.
- It will encourage greater private sector participation in the public sector insurance companies.
- Earlier, Parliament had passed the Insurance Amendment Bill 2021 to increase the FDI limit in the insurance sector to 74% from 49%.
Topic: Banking System
8. License of Karnala Nagari Sahakari Bank Limited cancelled by RBI.
- License of Karnala Nagari Sahakari Bank Limited has been cancelled by RBI.
- It has directed Karnala Nagari Sahakari Bank to cease all its operations from 13 August 2021.
- It has requested the Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra to issue an order for winding up the bank and appoint a liquidator for the bank.
- As per RBI, 95% of depositors will get full amounts of their deposits from Deposit Insurance and Credit Guarantee Corporation.
- On liquidation of bank, every depositor would be given right to get deposit insurance claim amount of his/her deposits up to a monetary ceiling of 5 lakh rupees.
- Karnala Nagari Sahakari Bank is based in Raigad, Maharashtra. Its license has been cancelled because of inadequate capital and earning prospects.