Banking, Financial and Economic Awareness

Half Yearly (Jan - June 2021)
2021 Book

Banking Awareness

Topic: Reports and Indices/Rankings

1. Google was top mobile publisher all over the world in January 2021. 

  • Google was the top mobile publisher all over the world in January 2021, as per the report by Sensor Tower, a market insights provider for the global app economy.
  • Google was also a top mobile publisher all over the world in December 2020. Facebook occupied the second position in the list of the top five most installed mobile publishers all over the world in January 2021.
  • Voodoo, AppLovin, and Crazy Labs were also present in the list of the top five most installed mobile publishers all over the world in January 2021.
  • The most downloaded non-gaming app all over the world in January 2021 was Telegram. India accounted for the largest number of downloads of Telegram.
  • TikTok was the second most downloaded non-gaming app all over the world in January 2021. In December 2020, TikTok was the most downloaded app.
  • Signal, Facebook, and WhatsApp were also included in the top five most downloaded non-gaming apps worldwide in January 2021.

Topic: Corporates/Companies

2. ONGC announces more than 67% decline in standalone net profit in December quarter.

  • ONGC has announced more than 67% decline in standalone net profit in the December quarter.
  • In October-December quarter, the standalone net profit was Rs 1,378 crore. In October-December quarter of the previous year, standalone net profit was Rs 4,226 crore.
  • The decline in profits is due to a decrease in oil and gas prices. Government-mandated gas price decreased from USD 3.23 per million British thermal unit to USD 1.79 per m BTU.
  • ONGC Board has given approval to setting up of a new wholly-owned subsidiary company for sourcing, marketing and trading of natural gas, LNG business, Hydrogen enriched CNG (HCNG).
  • This company will also focus on the gas to power business, bio-energy/ bio-gas/ bio methane/ other biofuels business, etc.
  • Further, the Board approved the acquisition of 5 % equity in Indian Gas Exchange Ltd (IGX).
  • Government of India wants to raise the share of natural gas from the current 6 % to 15% in India’s energy basket by 2030.
  • In December 2020, ONGC opened Asokenagar-1 well, Bengal Basin, for oil production. It is the eighth producing basin of India. It is located in West Bengal. 
  • Indian Gas Exchange Ltd (IGX) is a subsidiary of IEX and India’s only authorized gas exchange. It is also India’s first automated national level Gas Exchange. It started working in June 2020.
  • Oil and Natural Gas Corporation Limited (ONGC) was formed in 1956. It is headquartered in New Delhi. Shashi Shanker is its chairman, MD and CEO.
  • ONGC comes under the Ministry of Petroleum and Natural Gas. Hindustan Petroleum Corporation is a subsidiary of ONGC.

Topic: Reports and Indices/Rankings

3. India accounts for 11% of global deaths in road accidents as per the World Bank report.

  • India accounts for 11% of global deaths in road accidents, as per the World Bank report released by Union Minister Nitin Gadkari on 13 February 2021.
  • World Bank report is titled as “Traffic Crash Injuries And Disabilities: The Burden on India Society”.
  • Often the poor, especially male road-users of working-age, form the category of vulnerable road users (VRUs) in India as per the report.
  • As per the report, India’s share (11%) of global deaths due to road accidents is the highest. India has only 1% of the world’s vehicles.
  • The report says that 53 road crashes occur every hour in India and one person is killed every 4 minutes due to the road crashes in India.
  • As per a study by the Ministry of Road Transport and Highways, the cost of road crashes stands at 3.14% of GDP.
  • The 2019 World Bank report estimates the cost of road crashes and serious injuries at 7.5% of India’s GDP for 2016.
  • Guide for Road Safety Opportunities and Challenges: Low- and Middle-Income Countries Country Profiles is the title of this report.
  • As per World Bank, the road crash fatality rate is three times higher in low-income countries than in high-income countries.

Topic: Indian Economy

4. Government reduces minimum loan size eligible for debt recovery by NBFCs under SARFAESI law to Rs. 20 lakhs.

  • Government has reduced the minimum loan size eligible for debt recovery by NBFCs under SARFAESI law from Rs. 50 lakhs to Rs. 20 lakhs.
  • The announcement for reduction of minimum loan size eligible for debt recovery by NBFCs under SARFAESI law was recently made in Union Budget 2021-22.
  • Under SARFAESI Act 2002, NBFCs with a minimum asset size of Rs. 100 crore can now appeal for recovery for loan sizes at minimum Rs. 20 lakhs or more.
  • Under SARFAESI Act, banks and financial institutions can attach pledged assets in case of non-payment.
  • Government has gradually decreased the minimum loan size from Rs. 1 crore and above to Rs. 20 lakhs or more now.
  • Co-chairman of Finance Industry Development Council (FIDC), Raman Aggarwal, said that there should not be any minimum limit. U. K. Sinha Committee on MSMEs also recommended it.
  • FIDC is a self-regulatory and representative body of NBFCs registered with RBI.

Topic: Appointments

5. Satishwar Balakrishnan promoted to the post of MD and CEO of Aegon Life Insurance.

  • Satishwar Balakrishnan has been promoted to the post of MD and CEO of Aegon Life Insurance.
  • He has joined the company as its chief financial officer. He will lead Aegon Life Insurance’s transformation into a digital-only life insurance company.
  • He earlier worked with IndiaFirst Life, Reliance Life and ICICI Prudential Life.
  • Aegon Life Insurance is headquartered in Mumbai. It was formed after partnership between Netherlands –based life insurance provider Aegon N.V and Times Group (Bennett, Coleman and Company Limited).

 

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