Banking, Financial and Economic Awareness

Topic: Indian Economy

1. India showing steady increase in blue-collar job opportunities.

  • India is showing a steady increase in blue-collar job opportunities and demand for skilled manpower was higher in telecom, logistics, apparels and retail sectors as per listings on ASEEM Portal.
  • Aatmanirbhar Skilled Employee Employer Mapping (ASEEM) portal was launched in July 2020 by the Ministry of Skill Development and Entrepreneurship.
  • Bengaluru-based Betterplace Safety Solutions, in partnership with National Skill Development Corporation, developed the portal.
  • Blue-collar jobs refer to working-class persons who perform manual labour across sectors such as farming, construction, shipping, trucking, manufacturing and excavation.

Topic: Banking System

2. SBI to sell three non-performing asset (NPA) accounts next month.

  • SBI will sell three non-performing asset (NPA) accounts next month to recover dues of over Rs 235 crore.
  • SBI has placed Heavy Metal and Tubes Ltd, Khare and Tarkunde Infrastructure Pvt Ltd and Elize International Ltd for sale to recover dues of over Rs 235 crore.
  • E-auction of Heavy Metal and Tubes and Khare and Tarkunde will be carried out on June 7. E-auction of Elize will be on June 8.

Topic: Appointments

3. Four senior SEBI officials contending for the post of whole-time members.

  • Four senior SEBI officials are contending for the post of whole-time members.
  • The names of contenders are Nagendraa Parakh, S Ravindran, Anand Baiwar and Amarjeet Singh. They all are presently working as Executive Directors.
  • The term of four whole-time members in the SEBI will end this year. Their names are SK Mohanty, Ananta Barua, G Mahalingam and Madhabi Puri Buch.
  • Securities and Exchange Board of India (SEBI):
    • SEBI was set up in 1988 and given statutory status in 1992. Its headquarters is located in Mumbai.
    • In addition to a chairman, SEBI currently has four whole-time members and three part-time members.

Topic: Appointments

4. Appointment of P Sitaram, Executive Director (ED), as Chief Financial Officer (CFO) of IDBI Bank approved.

  • Appointment of P Sitaram, Executive Director (ED), as Chief Financial Officer (CFO) of IDBI Bank has been approved by IDBI Bank’s Board of Directors.
  • P Sitaram will replace incumbent ED & CFO Ajay Sharma. His appointment will become effective from June 1, 2021.
  • The appointment of Sunit Sarkar, ED (In-Situ) as Internal Auditor of the Bank has also been approved by IDBI Bank’s Board of Directors.
  • He will take the place of MV Phadke, ED & Internal Auditor. Sunit Sarkar’s appointment will become effective from June 1, 2021.
  • Recently, consortium of lenders led by IDBI Bank has allowed C Sivasankaran to take ownership of his company by paying an amount higher than the liquidation amount.
  • C Sivasankaran was Aircel Founder. He has defrauded IDBI of Rs 600 crore.

Topic: World Economy

5. Indian industry is against the proposed tariff action by the US.

  • Indian industry is against the proposed tariff action by the US.
  • US has proposed tariff action in retaliation against India’s imposition of Digital Service Tax (DST) on non-resident e-commerce operators.
  • In its representation to United States Trade Representative’s Section 301 investigations, Indian industry said that 25% additional tariff proposed by US would not help to eliminate DST.
  • In June 2020, the US started an investigation under Section 301 of the US Trade Act, 1974, against the taxation on digital services by India and other countries.
  • In January 2021, US announced that India’s levy of DST is discriminatory and actionable.
  • In March 2021, US proposed 25% retaliatory tariffs on about 40 products such as shrimps, wooden furniture, gold, silver and jewellery items and basmati rice.

Topic: Reports and Indices

6. India gets more than USD83 billion in remittances in 2020.

  • India has got more than USD83 billion in remittances in 2020 as per a World Bank report.
  • India’s remittances in 2020 have shown a decline of just 0.2 % from the previous year. In 2019, India had received USD83.3 billion in remittances.
  • China received USD59.5 billion in remittances in 2020. It received USD 68.3 billion in 2019.
  • China stood at second place in terms of global remittances for 2020. The decline in India’s remittances is mainly due to a 17% decline in remittances from UAE.
  • In terms of remittances, India and China are followed by Mexico (USD42.8 billion), the Philippines, Egypt, Pakistan (USD26 billion), France and Bangladesh.
  • In its latest Migration and Development Brief, World Bank said that remittances remained resilient in 2020 despite Covid-19 outbreak.
  • As per the World Bank, remittances outflow from India was USD7 billion in 2020. It was USD7.5 billion in 2019.
  • Remittance outflow was the maximum from US (USD68 billion), followed by UAE (USD43 billion), Saudi Arabia, Switzerland, Germany, and China.

 

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