Banking, Financial and Economic Awareness of 16, 17 and 18 March 2021

Topic: Reports and Indices

1. FICCI, in association with Boston Consulting Group (BCG), released ‘India FinTech: A USD 100 Billion Opportunity’ report.

• The FICCI, in association with Boston Consulting Group (BCG), has released the ‘India FinTech: A USD 100 Billion Opportunity’ report. It is related to the growth of FinTech in India.
• According to this report, Fintech Industry has been growing steadily in India. Most of the Fintech companies have been set up in the last five years.
• At present, the total valuation of the FinTech industry in India is about $50-$60 billion. Around 2100 Fintech companies are part of India’s dynamic FinTech industry.
• According to the study, India’s FinTech industry will grow continuously over the next five years and it will reach up to a valuation of USD 100 billion. The number of FinTech Unicorns will become double over the next five years.
• According to the BCG-FICCI FinTech survey 2021, Indian FinTechs are also spreading in the international market. The survey reveals that 39% of Indian Fintechs have already established their global footprint and the rest are considering their international expansion.
• FinTechs are playing a vital role in redefining the business models across various segments of the financial services industry in India.
• FinTech is an emerging industry that uses technology for the delivery of financial services.

Topic: Infrastructure and Energy

2. US becomes India’s second biggest oil supplier replacing Saudi Arabia.

• The United States has become India’s second-biggest oil supplier. It has replaced Saudi Arabia.
• In February, India’s imports from the United States have touched a new record of 545,300 barrels per day while Saudi Arabia fell down to a decade low of 445,200 bpd.
• This situation has emerged due to the lower demand for U.S. crude oil coincided with Saudi Arabia’s voluntary output cut of 1 million barrels per day (bpd).
• Iraq continued to be the top oil supplier to India, while Nigeria becomes India’s third-largest oil supplier. Saudi Arabia has slipped to the fourth position for the first time since 2006.
• India is the third-biggest oil importer and consumer in the world. India has imported 3.92 million bpd of oil in February.
• India is trying to reduce its oil import. In February, India has imported 18% less crude oil than in January.
• The United States is the biggest crude oil producer in 2020, followed by Saudi Arabia.
• India’s oil supplier:

Topic: Indian Economy

3. Union Finance & Corporate Affairs Minister Nirmala Sitharaman introduces Insurance (Amendment) Bill, 2021.

• Union Finance & Corporate Affairs Minister Nirmala Sitharaman has introduced Insurance (Amendment) Bill, 2021.
• The bill aims at amending the Insurance Act, 1938. It seeks to raise the FDI limit in domestic insurance companies from the current 49% to 74%.
• In Union Budget 2021-22, Finance Minister proposed to increase the FDI limit in the insurance sector.

Topic: Miscellaneous

4. Rajya Sabha passes National Institutes of Food Technology, Entrepreneurship and Management Bill, 2019.

• The Rajya Sabha has approved the National Institutes of Food Technology, Entrepreneurship and Management Bill, 2019.
• The bill has declared the National Institute of Food Technology Entrepreneurship and Management Kundli, and the Indian Institute of Food Processing Technology, Thanjavur as institutions of national importance.
• The bill has provision to set up a Board of Governors as the principal executive body of the institutes.
• A council will also be set up for the performance improvement of the institutes.
• The bill will support the institutes in research and knowledge dissemination in the field of food science and technology.
• National Institute of Food Technology Entrepreneurship and Management (NIFTEM):
  • It is set up by the Ministry of Food Processing Industries (MoFPI).
  • It offers academic programmes in the field of food technology.
  • It is located at Sonipat, Haryana.

Topic: Indian Economy

5. A bill has been approved by the Union Cabinet to set up a Development Finance Institute (DFI) with an initial capital of Rs 20,000 crore.

• The Union Cabinet has approved a bill to set up a Development Finance Institute (DFI) with an initial capital of Rs. 20,000 crore.
• The bill will be presented in Parliament during the current Budget Session. DFI will raise long-term funds for infrastructure development projects in India.
• As per Finance Minister Nirmala Sitharaman, Rs 5,000 crore will be the initial grant to the DFI. She further said that additional increments of the grant would be made within the limit of Rs 5,000 crores.
• A DFI is an institution that provides development finance to sectors or sub-sectors of the economy. Industrial Finance Corporation of India was the first DFI. It was established in 1948.

Topic: Corporates/Companies

6. US-based technology company Zoho completes 25 years in Business.

• US-based technology company Zoho has completed 25 years in Business.
• Now, Zoho has said that it will follow a hub-and-spoke office model. Zoho has its international headquarters in Chennai.
• Sridhar Vembu is CEO and Co-Founder, Zoho Corp. Sridhar Vembu was awarded Padma Shri 2021.

Topic: Regulatory Bodies/Financial Institutions

7. IBBI introduces reporting mechanism to deal with the delay in completion of Corporate Insolvency Resolution Process (CIRP) activities.

• Insolvency and Bankruptcy Board of India (IBBI) has introduced a reporting mechanism to deal with the delay in completing Corporate Insolvency Resolution Process (CIRP) activities.
• Interim resolution professional/ resolution professional (IRP/RP) will be required to report within three days to IBBI if CIRP activities are not completed.
• As per the Insolvency and Bankruptcy Code, CIRP is to be completed in 180 days. Reporting to IBBI should now be done on a continuous basis every 30 days till the completion of CIRP.
• IBBI has also brought changes in Form-C. It has introduced a new form, namely CIRP-7.

Topic: Reports and Indices

8. Human Performance Indicator (HPI) released by JLL (Jones Lang LaSalle).

• Human Performance Indicator (HPI) has been released by JLL (Jones Lang LaSalle), a commercial real estate and investment management company.
• As per the report, the percentage of high performers practicing flexible working in India is higher than APAC countries.
• India is ranked highest in workplace satisfaction. India is followed by China in this ranking. As per the report, high performers in India have access to better workplaces and technologies.
• As per the report, the majority of high performers include technology workers and young professionals aged 25 to 34.

Topic: Corporates/Companies

9. Cabinet approved the closure of Handicrafts & Handlooms Export Corporation of India Ltd.

• Union Cabinet has approved the closure of loss-making Handicrafts and Handlooms Export Corporation of India Limited (HHEC).
• HHEC has been incurring losses since the 2015-16 financial year. All permanent employees can avail the benefit of a Voluntary Retirement Scheme.
• The decision of closure has been taken under the strategic disinvestment policy of the Government.
• In the Budget of FY 2021-22, the Government has announced a strategic disinvestment policy for the growth and better management of Central Government Public Sector Enterprises.
• Handicrafts and Handlooms Export Corporation of India Limited:
  • It was established in 1958.
  • It is responsible for exports of handicrafts, handlooms products, khadi and products of village industries from India.
  • HHEC is a central public sector undertaking (CPSE) under the Ministry of Textiles.

Topic: Committees, Commissions and Taskforces

10. One-Man Commission for Labour recommends that there is no need to setup new institutions.

• One-Man Commission for Labour has recommended that there is no need to setup new institutions.
• The commission was set up on behalf of the Central Advisory Contract Labour Board under the Union Ministry of Labour.
• The commission comprised of CV Ananda Bose recommended that online healthcare system requires networking of available infrastructure.
• The commission has for the first time recommended setting up of National Registry of Labour complete with a unique ID and skill mapping.
• It has further recommended assured basic income for labour and setting up of Labour Authority of India.

Topic: Miscellaneous

11. Adhidhi Achyuth becomes 1st transgender in India’s fisheries sector to begin entrepreneurial initiative.

• Adhidhi Achyuth has become 1^st transgender in India’s fisheries sector to begin an entrepreneurial initiative.
• Adhidhi Achyuth has got help from Central Marine Fisheries Research Institute (CMFRI) to open a fish vending stall in Kochi.
• As part of Central government scheme of the Scheduled Caste Sub Plan (SCSP), Rs 5 lakh were spent by CMFRI to set up fish stall.
• The headquarters of CMFRI is located in Kochi, Kerala. A Gopalakrishnan is the director of CMFRI.

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