Banking, Financial and Economic Awareness of 14 and 15 May 2021

Topic: Appointments

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

Topic: RBI

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 1^st quarter of FY22) of open market purchases of G-Secs.

Topic: RBI

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.

Topic: Corporates/Companies

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.

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