1. Wipro Ltd announces appointment of Tulsi Naidu to its Board of Directors.
- Wipro Ltd has announced appointment of Tulsi Naidu to its Board of Directors.
- Her appointment is subject to the approval of shareholders. The appointment would be effective for five years from July 1.
- Tulsi Naidu is currently CEO Asia Pacific of Zurich Insurance Group. She is also a member of Zurich’s Executive Committee.
- Wipro Limited is Indian company based in Bengaluru and owned by Azim Premji. Its CEO is Thierry Delaporte.
Topic: Banking System
2. Shareholders of IOB give approval to Rs. 4,100 crore infusion by Government of India.
- Shareholders of Indian Overseas Bank gas given approval to Rs. 4,100 crore capital infusion by Government of India.
- Rs. 4,100 crore capital infusion will increase the Government of India’s shareholding in Indian Overseas Bank from 95.84% to 96.38%.
- Shareholders approved the issuance of equity shares to the Government of India on a preferential allotment basis.
- Extraordinary General Meeting (EGM) of Bank’s shareholders was conducted virtually.
- Indian Overseas Bank:
- It is a public sector bank.
- Headquarters: Chennai
- CEO: Partha Pratim Sengupta
- Tagline: Good People to Grow With
3. RBI to purchase government securities (G-Secs) of Rs. 35,000 crore.
- RBI will purchase government securities (G-Secs) of Rs. 35,000 crore under second tranche of its G-Sec Acquisition Programme (G-SAP 1.0) on May 20.
- RBI will purchase seven government securities (G-Secs), maturing between 2024 and 2035, aggregating ₹35,000 crore.
- RBI conducted the purchase of first tranche on April 15. RBI’s purchase under second tranche will be Rs 10,000 crore more than first tranche (Rs. 25,000 crore).
- Under G-SAP 1.0, RBI has committed a specific amount (Rs. 1-lakh crore in 1st quarter of FY22) of open market purchases of G-Secs.
4. RBI cancels licence of West Bengal-based United Co-operative Bank Ltd.
- RBI has cancelled licence of West Bengal-based United Co-operative Bank Ltd over the issue of inadequate capital and earning prospects.
- RBI has cancelled licence because bank did not have adequate and earning prospects.
- RBI said that all the depositors would receive their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
- As per RBI, the bank closed its banking business with effect from 13 May.
- The RBI has requested the Registrar of Cooperative Societies, West Bengal, to issue an order for winding up the bank and appoint a liquidator.
Topic: Indian Economy
5. Exports and Imports in April increase to $30.63 billion and $45.72 billion, respectively.
- Exports and Imports in April have increased to $30.63 billion and $45.72 billion, respectively
- When compared with exports in April 2020, India’s exports in April 2021 have shown an increase of 195.72%.
- When compared with imports in April 2020, India’s imports in April 2021 have shown an increase of 167.05%.
- India’s trade deficit increased from $6.76 billion in April 2020 to $15.10 billion in April 2021.
- Exports in April 2021 were 17.62% higher than exports in April 2019.
6. Mumbai based Indian ultra-low cost airline, GoAir, rebrands itself as Go First.
- Mumbai-based Indian ultra-low cost airline, GoAir has rebranded itself as Go First.
- The company is aiming at young travelers with the rebrand. The purpose of rebranding is to fully embrace ultra-low-cost airline model.
- GoAir is Mumbai based Indian ultra-low cost airline. It started in 2005. Nusli Wadia is its Chairman. Kaushik Khona is its CEO.