Banking, Financial and Economic Awareness of 17 November 2019

1. European Investment Bank will not fund Fossil Fuel projects after 2021

• According to the new policy released by the European Investment Bank, the bank will not be funding oil, gas and coal projects after 2021 and is set to become the world’s first Climate Bank within the next two years.
• The funding will be provided to those energy projects that are capable of producing a 1-kilowatt hour of energy with less than 250 gm of carbon dioxide emission.
• European Investment Bank (EIB):
  • It is the biggest lending arm of the European Union and a multilateral finance provider that aims to help the developing economies.
  • It was found in 1958 and its headquarters is located in Luxembourg.

2. Government not to release Consumer Expenditure Survey 2017-18

• The government will not be releasing Consumer Expenditure Survey 2017-18 due to data quality issues.
• Consumer Expenditure Survey is conducted by NSO on household consumption expenditure.
• The previous survey was carried out in 2011-12 and the next survey will be conducted in 2020-21 and 2021-22.
• National Statistical Office (NSO):
  • It works under the aegis of the Ministry of Statistics and Programme Implementation (MoSPI).
  • It conducts large scale sample survey on an All India basis.

3. Anil Ambani along with four other directors resigns from RCom

• Anil Ambani along with Chhaya Virani, Ryna Karani, Manjari Kacker, Suresh Rangachar have resigned as directors of Reliance Communications.
• The chief financial officer Manikantan V has also resigned.
• The decision comes after Reliance Communications showed a loss of Rs 30,142 crore for July-Sept 2019 after the SC ruling on statutory dues. The company is undergoing insolvency process.
• This is the second-highest loss posted by an Indian corporate so far.

4. 133 units shut down due to lack of demand

• Almost half of the units i.e. 133 units were shut down due to low demand or inability to sign agreements with distribution utilities for power sale.
• The electricity demand curve is showing a downward trend.
• The total installed capacity in India currently is 3,63,370 MW (as of 30^th September 2019). Thermal units contribute 63.2% of the total installed capacity followed by Renewable Energy Sources (22.7%).

5. India joins other nations against use of 26 Ghz band for 5G

• India is expected to join China, Russia, and Japan to oppose use of 26 GHz spectrum band for 5G.
• Russia and China have concerns about defending their military operations while India’s ISRO wants to use a 26Ghz spectrum for satellite services.
• Japan, Russia, and China favoured the use of alternative bands for 5G services with 3000 Mhz frequencies at the World Radiocommunication Conference 2019.
• Department of Telecom has agreed to the demand of ISRO and placed the proposal to the ITU for discussion at the conference.
• International Telecommunication Unit (ITU):
  • It is a specialized agency of the United Nations.
  • It was formed in 1865 and is headquartered in Geneva, Switzerland.
  • Members-193
  • It is responsible for handling issues related to Information Technology and communications. It also sets benchmark/standards for wireless services.