1. Fee payable to facilitators who help start-ups apply for patents, trademarks or designs have been increased by the government.
- The empaneled facilitators will not charge anything from the start-up or the entrepreneur.
- Centre will directly pay to the facilitator through the office of the Controller General of Patents, Designs and Trade Marks (CGPDTM).
- Start-ups are offered assistance to file for intellectual property under the Startups Intellectual Property Protection (SIPP).
- SIPP is run by Department for Promotion of Investment and Internal Trade (DPIIT).
- It is envisaged to facilitate protection of patents, trademark and designs of start-ups.
- The fee has been increased to incentivise facilitators to assist start-ups in filing for IPs.
- The fee has been increased from ₹10,000 to ₹40,000 for patents without opposition and ₹50,000 for patents with opposition.
- In case of filing for trademarks and designs, the fee is ₹8,000 without opposition and ₹13,000 with opposition.
Topic: Awards and Prizes
2. ESAF Small Finance Bank has won Inclusive Finance India Award 2022.
- ESAF Small Finance Bank has won the award for its contribution towards the goal of financial inclusion.
- Paul Thomas K, MD & CEO of the bank received the award from Chief Economic Advisor Anantha Nageshwaran, at the 19th Inclusive Finance India Summit organized in New Delhi.
- This award is a recognition of ESAF’s unique spectrum of Financial Inclusion projects.
- These projects include ESAF Dhansree, ESAF Udyog Jyothi, LSEDP (Local Sustainable Economic Development Project), ESAF Balajyothi, ESAF Vayojyothi, and ESAF Garshom.
- The Inclusive Finance India Awards is an initiative of ACCESS Development Services.
- ESAF Small Finance Bank is a Kerala based Small Finance Bank (SFB). It was founded as a small finance bank in March 2017.
3. RBI releases a paper titled “What Drives Startup Fundraising in India’’ in its January monthly bulletin.
- According to the paper, it is expected that start-up fundraising in India will rapidly rebound from the macroeconomic disturbances seen over the last 2-3 years.
- As per the data from the National Investment Promotion and Facilitation Agency, there were 107 unicorns as of September 2022.
- The top three cities with the highest number of unicorns in India are Bengaluru, Gurgaon, and Mumbai.
- The authors have said that fund raising by start-ups is usually determined by macroeconomic factors.
- The paper said fundamental factors such as economic growth, attractive capital markets and a stable exchange rate ultimately facilitate the availability of start-up capital.
4. South Indian Bank has signed an MoU with Steel Authority of India Ltd (SAIL).
- The MoU is to provide financial assistance to the dealers of SAIL across the country.
- The MoU was exchanged between Surendra Kumar Sharma, (CGM- Finance & Accounts) of SAIL and Praveen Joy (Head-Transaction Banking Group) of South Indian Bank.
- Murali Ramakrishnan, MD & CEO, South Indian Bank said that MoU allows us to offer SAIL’s dealers with financial assistance for working capital, particularly steel procurement.
- Steel Authority of India Ltd (SAIL) is a Maharatna Central Public Sector Enterprise (CPSE). It is headquartered in New Delhi. It was founded in January 1954. Soma Mondal is its Chairman.
- South Indian Bank (SIB) is a private sector bank. It is headquartered in Thrissur, Kerala. Murali Ramakrishnan is its MD & CEO.
Topic: Awards and Prizes
5. Tamilnad Mercantile Bank has won ‘Best Small Bank Award’ in the ‘Best Banks Survey for the year 2022’.
- Tamilnad Mercantile Bank (TMB) has received this award under the category of banks with the book size of less than ₹1 lakh crore.
- The survey was conducted by Business Today-KPMG (BT-KPMG Best banks survey).
- The survey is being conducted by the BT-KPMG for the past 27 years with 37 parameters for declaring a bank as an awardee.
- TMB’s MD & CEO, S. Krishnan received the award from Union Minister for Road Transport and Highways Nitin Gadkari in a function held in Mumbai recently.
- Union Minister of State for Finance Bhagwat Kishanrao Karad and RBI Governor Shaktikanta Das were also present in the function.
- Tamilnad Mercantile Bank is a Thoothukudi (Tamil Nadu)-based private sector bank. Its MD & CEO is S. Krishnan.
6. RBI has given final approval to Paytm Payments Bank to operate as Bharat Bill Payment Operating Unit (BBPOU).
- So far, Paytm Payments Bank Ltd (PPBL) has been operating as BBPOU under in-principle authorisation from RBI.
- As part of Bharat Bill Payment System (BBPS), BBPOU facilitates bill payment services of electricity, phone, water, insurance, loan repayments, FASTag recharge, education fees, credit card bill and municipal taxes.
- National Payments Corporation of India (NPCI) owns BBPS.
- Bharat Bill Payment System (BBPS) is a system that offers interoperable and accessible bill payment service to consumers. BBPS Pilot was launched in the year 2016.
- Paytm Payments Bank is an Indian payments bank. It was founded in 2015. It is headquartered in Noida.
Topic: Reports and Indices
7. Ernst & Young (EY) has released a report, ‘India@100: Realising the Potential of a $26-trillion Economy’.
- The report was released on the sidelines of the World Economic Forum at Davos, Switzerland.
- Railway, IT and Communication Minister, Ashwini Vaishnaw, launched the report.
- EY has projected Indian economy will be a $26-trillion economy by 2047.
- It has projected that India will celebrate 100 years of independence with $15,000 per capita income and $26-trillion economy.
- It has identified eight key areas that will accelerate India’s growth over the next decade.
- On the basis of first advance estimate released by National Statistical Office (NSO) on January 7, Indian economy’s size during this fiscal is estimated at $3.3 trillion.
- For the purpose of this estimate, nominal GDP is taken at ₹273.08-lakh crore and exchange rate is taken at ₹82.
- Given that the population is estimated by NSO to be 138.3 billion, the per capita income for FY23 is projected to be $2,355.
- EY made projections using International Monetary Fund’s medium-term projections and Organisation for Economic Co-operation & Development’s long-term forecasts.
- India’s real GDP growth forecast to average 6.5% during FY23 and FY28.
- Ernst & Young (EY):
- It is a multinational professional services partnership. It is headquartered in London.
- It is one of the Big Four accounting firms. Other three are Deloitte, KPMG and PricewaterhouseCoopers (PwC).
Topic: Indian Economy/Financial Market
8. Global venture capital (VC) investment declined for the fourth consecutive quarter in Q4 of 2022.
- The latest KPMG Private Enterprise Venture Pulse report shows that global venture capital investment declined from $102.2 billion on 9,767 deals to $75.6 billion on 7,641 deals.
- Global investment has declined to its lowest levels since Q2’2019.
- The Americas and Asia accounted for the largest share of VC investment globally during Q4’22.
- The US recorded the largest proportion of investment. Asia recorded the second largest proportion of investment.
- Most other industries were dominated by investment in the electric vehicle market, which also saw significant fundraising rounds.
- VC investment in India remained slow. Private Equity (PE) activity remained high in India during Q4’22.
- VC investment in India is expected to pick up in Q2’23.
- VC investment in agtech is expected to grow considerably over the next one-two years.
Topic: Reports and Indices
9. As per RBI report, pension provision by State Governments and UT with legislature has increased over 34% between FY20 and FY23.
- This is second highest expenditure among all non- development expenditure.
- This is third highest expenditure among all kind of expenditure.
- Data showed that Punjab and Himachal Pradesh have provided 14% and 19.3% of revenue expenditure for pension.
- In terms of total expenditure (developmental and non-developmental), pension outlay is the largest after expenditure of education and interest payment by States and UT with legislatures.
- As part of GSDP (Gross State Domestic Products), pension provision is up to 4% in some States.
- Old pension scheme (OPS) was discontinued for all government employees (except armed forces) joining on or after January 1, 2004.
- New Pension Scheme (now known as National Pension System) was introduced.
- First, central government implemented it and then all States and Union Territories (except West Bengal) implemented it.
- Under National Pension System (NPS), employees pay 10% of their basic salary. Up to 14% is contributed by governments. A corpus is created with the help of contributions.
- On attaining 60 years of age, NPS subscriber can withdraw up to 60% of accumulated fund. Remaining will be used to purchase an annuity that would provide a regular monthly pension.
- If the corpus is less than ₹5 lakh, entire amount can be withdrawn.
Topic: Awards and Prizes
10. KBCols Sciences and Hygienity Solutions have won National Startup Award 2022.
- Along with KBCols Sciences and Hygienity Solutions, seven other startups from Maharashtra were conferred with the award.
- KBCols Sciences is a bioprocess tech startup. It was founded in 2018 by Vaishali Kulkarni and Arjun Singh Bajwa.
- Hygienity Solutions is an environment sanitation startup. It was founded in 2021 by Vipul Ganesh Chavan and Adwait Joshi.
- The total number of applications received from startups, incubators, and accelerators from 31 states and union territories across the country was 2,667.
- In the third edition of awards, 41 startups, 2 incubators, and 1 accelerator were recognised as winners in their respective categories.
- The winning startups will be awarded a cash prize of ₹5 lakh each.
- One exceptional Incubator and one Accelerator each will be awarded Rs15 lakhs.
- The National Startup Awards 2022 invited applications across 17 sectors. These sectors were further divided into 50 sub-sectors, and 7 special categories.
- 18 startups based in Karnataka became winners. Karnataka topped the list of states having the maximum number of startup winners.
- Karnataka is followed by Maharashtra (9 winners) and Delhi (4 winners).
Some Other Winners of National Startup Awards 2022
Wolkus Technology Solutions (Fasal) and Natura Crop Care
Education and skill development
Testbook Edu Solutions and Trascender Services
Indigenous Energy Storage Technologies
Women-led startup category
Special Category – Startups from North-East
Kamrup (Assam)-based Primary Healthtech
T-Hub and Centre for Cellular and Molecular Platforms