Banking Awareness of 16 and 17 January 2022

By PendulumEdu | Last Modified: 17 Jan 2022 17:49 PM IST
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Topic: Corporates/Companies

1. IEPFA allowed liquidating the existing holding of equity shares.

  • Investor Education and Protection Fund Authority (IEPFA) has been allowed to liquidate existing holding of equity shares.
  • IEPFA can now liquidate shares held by it and acquired because of dividend remaining unpaid or unclaimed by the shareholder for seven years.
  • IEPFA can now offer the shares to the acquiring entity if there is amalgamation, share exchange and conversion of securities.
  • IEPFA can also receive money on behalf of minority shareholders. IEPFA could earlier surrender the shares only if there was the delisting of securities or company was getting wound up.
  • The money received on behalf of the minority shareholders should now be credited to the Investor Education and Protection Fund (IEP).
  • Company would be liable under all cases to indemnify IEPFA in case any dispute or lawsuit may be initiated.
  • Investor Education and Protection Fund’s objectives are the promotion of investors’ awareness and protection of the interests of investors.
  • Investor Education and Protection Fund Authority (IEPFA):
    • It was set up in September 2016 for the administration of Investor Education and Protection Fund.
    • Making refunds of shares, unclaimed dividends, matured deposits/debentures etc. to investors is its objective. It also aims to promote awareness among investors.

Topic: Corporates/Companies

2. LEAD becomes third unicorn of 2022.

  • Edtech start-up LEAD has become the third unicorn of 2022 after Mamaearth and Fractal AI.
  • It has raised $100-million from WestBridge Capital and GSV Ventures. It is also the sixth Indian edtech company to reach unicorn status.
  • Its valuation has doubled in the last nine months to touch $1.1 billion.
  • Smita Deorah is the Cofounder and Chief Operating Officer (COO) of LEAD. Unicorns are startups with a valuation of $1 billion and above. 
  • LEAD:
    • It was started by Sumeet Mehta and Smita Deorah in 2013.
    • It provides tech-enabled solutions to schools with a focus on digital learning.

Topic: Corporates/Companies

3. Yaantra, an electronics recommerce company, acquired by Flipkart Group.

  • Yaantra, an electronics recommerce company, has been acquired by Flipkart Group.
  • As part of this acquisition, the team from Yaantra will help Flipkart accelerate its re-commerce scale-up plans.
  • Yaantra repairs and sells consumer tech products such as smartphones and laptops. It was started in 2013 by Jayant Jha, Ankit Saraf and Anmol Gupta.  
  • Flipkart Group includes group companies such as Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+ and Cleartrip.

Topic: Appointments

4. RBL Bank’s board approves Egon Zehnder as the search firm for identifying suitable candidates for position of the bank’s MD & CEO.

  • The board has decided to take the assistance of Pradip Shah as an External Expert to work with Search Committee to identify and evaluate candidates for the position of MD & CEO.
  • Pradip Shah is Chairman of National Asset Reconstruction Company Ltd. (NARCL).
  • Manjeev Singh Puri, Ishan Raina and Veena Mankar are the members of the Search Committee.
  • RBL Bank is an Indian private sector bank. It is headquartered in Mumbai. It was formerly known as Ratnakar Bank.

Topic: Reports and Indices

5. Indian passport’s rank improved by seven places in Henley Passport Index.

  • Global immigration consultant firm Henley & Partners has released the Henley Global Mobility Report 2022 Q1.
  • According to the Henley Passport Index, the Indian passport has become 83rd most powerful in the world. Its rank has improved by seven places from the 90th rank of last year.
  • In 2020, India’s rank was 84th while in 2016, India was ranked 85th.
  • The report shows that the Indian passport now has visa-free access to 60 destinations around the world.
  • Oman and Armenia are two recently added destinations in India’s visa-free access list.
  • India shares its rank with Sao Tome and Principe of Central Africa.
  • Japan and Singapore share the first position in the Henley Passport Index 2022.
  • The second place on the passport index was acquired by Germany and South Korea.
  • Spain, Finland, Italy, and Luxembourg passports are the third most powerful passport in the world.
  • Henley Passport Index:
    • It was launched in 2006.
    • It provides a ranking of the 199 passports of the world.
    • It is based on the data collected from the International Air Transport Association (IATA).

2022 rank

Country

Visa- Free Destinations

1

Japan

Singapore

192

2

Germany

South Korea

190

3

Finland

Italy

Spain

Luxemburg

189

83

India

60

Topic: Miscellaneous

6. FICCI’s Most Innovative AgTech Startup Award won by Aquaconnect.

  • Aquaconnect has won the “Most Innovative Agtech” (Mature Startup) award at the fourth edition of the FICCI Summit and Awards for Agri Startups.
  • Chennai-based Aquaconnect is India’s pioneering full-stack aquaculture platform. It works with fish and shrimp farmers to improve productivity.
  • It has helped over 60,000 farmers through its unique artificial intelligence and GIS-powered advisory platform.
  • Federation of Indian Chambers of Commerce & Industry (FICCI):
    • It was established in 1927.
    • It is the largest, oldest and apex business non-governmental trade association in India.
    • It is headquartered in New Delhi.
    • Sanjiv Mehta is its current President.

Topic: Awards and Prizes

7. National Startup Awards 2021 presented by Union Minister Piyush Goyal.

  • Union Minister Piyush Goyal presented National Startup Awards 2021.
  • A total of 46 Startups have been declared as winners of National Startup Awards 2021 along with 1 incubator and 1 accelerator.
  • Applications were invited for National Startup Awards 2021 in 15 sectors and 49 sub-sectors.
  • Six special categories were also introduced to recognize exceptional Startups contributing to the good of the society.
  • In the 2021 edition of awards, exceptional startups innovating solutions to promote Indic languages were also recognized.
  • All applicants for National Startup Awards 2021 were evaluated against six broad parameters.
  • On 15 January, PM Modi announced that January 16 will be celebrated as National Start-up Day.
  • National Startup Awards were conceived by Department for Promotion of Industry and Internal Trade to recognize and reward outstanding Startups.

Topic: Miscellaneous

8. India announces USD 900 million loan to Sri Lanka.

  • India has announced a USD 900 million loan to Sri Lanka to overcome forex crisis.
  • Sri Lanka is currently experiencing a shortage of almost all essentials owing to a shortage of dollars to pay for the imports.
  • Indian High Commissioner to Sri Lanka Gopal Baglay expressed India’s strong support to Sri Lanka after RBI extended over USD 900 million facilities over the last week.

Topic: Appointments

9. Ujjivan SFB appointed Ittira Davis as its new MD & CEO.

  • Ittira Davis has been appointed as Managing Director and Chief Executive Officer (MD & CEO) of Ujjivan Small Finance Bank (SFB).
  • The appointment has been approved by the Reserve Bank of India (RBI) for a one-year term from 14 January 2022.
  • Nitin Chugh, the former MD, and CEO of Ujjivan Small Finance Bank had resigned on September 30.
  • The bank board's special committee of directors, which was constituted in the absence of a managing director to supervise operations and administration, was dissolved on January 13.
  • Ujjivan Small Finance Bank:
    • Ujjivan Small Finance Bank was set up by Ujjivan Financial Services Limited (UFSL).
    • It started banking operations on February 1, 2017.
    • Its headquarters is in Bengaluru.
    • It is a Scheduled Small Finance Bank.

Topic: Corporates/Companies

10. Indifi Technologies joins hands with Google Pay to provide instant loans to eligible small merchants on Google Pay platform.

  • The collaboration aims to help small merchants to meet their working capital needs.
  • Indifi has partnered with other companies including Amazon, Zomato, Swiggy and more. T serves MSMEs present on these ecosystem platforms.
  • Indifi Technologies is a digital lending platform. Google Pay is an online payment system developed by Google.   

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