Topic: Reports and indices
1. India remains at 43rd rank on IMD's World Competitiveness Index.
- India has remained at 43rd rank on World Competitiveness Index compiled by Institute for Management Development (IMD).
- World Competitiveness Index examined the impact of Covid-19 on economies all over the world this year.
- Switzerland has achieved the first rank on the 64-nation list. Sweden improved its rank from sixth last year to second this year.
- Denmark is ranked at third. The Netherlands retained its fourth rank. Singapore’s rank declined from first in 2020 to fifth place this year.
- Taiwan moved up from 11th rank last year and reached in top-10 for the first time since the ranking began 33 years ago.
- Among BRICS nations, India’s rank is second after China followed by Russia, Brazil and South Africa.
- IMD World Competitiveness Center produces ranking annually. The ranking measures competitiveness of 64 nations with the help of four factors given below:
- Economic performance
- Government efficiency
- Business efficiency
- 64 economies are ranked in IMD World Competitiveness Ranking. The ranking assesses the extent to which a country promotes the prosperity of its people.
Topic: Banking System
2. RBI grants in principle approval to Centrum Financial Services to set up small finance bank.
- RBI has granted in principle approval to Centrum Financial Services to set up small finance bank (SFB).
- The small financial bank will be jointly owned by Centrum Financial Services Ltd (CFSL) and BharatPe.
- The SFB will rescue scam-hit Punjab and Maharashtra Co-operative Bank (PMC).
- The SFB will be operationalized by the Centrum in 120 days. Then, RBI will bring out a draft scheme of amalgamation of PMC Bank with Centrum SFB.
- BharatPe will hold 50 % in the newly-created SFB. Government sanction for the scheme will be the last step.
- As per Jaspal Bindra, Executive Chairman, Centrum Group, CFSL and BharatPe will commit Rs 900 crore to the SFB in the first year.
- Rs 200 crore is the minimum paid-up net worth requirement for starting an SFB.
- By taking over PMC Bank, CFSL will get a ready-made branch network of about 100 branches in Mumbai and in a few States.
- RBI has granted in-principle approval under general “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector” dated December 5, 2019.
3. Montek Singh Ahluwalia named as a member of high-level Advisory Group formed by World Bank and IMF.
- Former Deputy Chairman of the Planning Commission Montek Singh Ahluwalia was named as a member of high-level Advisory Group formed by World Bank and IMF.
- The group will be jointly led by Mari Pangestu, Ceyla Pazarbasioglu and Lord Nicholas Stern.
- Mari Pangestu is Managing Director for Development Policy and Partnerships, World Bank.
- Ceyla Pazarbasioglu is Director, Strategy, Policy and Review Department, International Monetary Fund.
- The group will also include Gita Gopinath. Gita Gopinath is an Economic Counsellor and Director of the Research Department at the IMF.
- The group was formed by the World Bank and IMF in the face of the dual crisis posed by the Covid-19 pandemic and climate change.
Topic: Banking System
4. LIC Card Services launches Shagun gift card with IDBI Bank.
- LIC Card Services has launched Shagun gift card with IDBI Bank.
- Shagun gift card is a contactless prepaid gift card on the RuPay platform.
- As of now, the card has been launched only for the internal use of LIC and its subsidiaries and associates. Later, it will also be launched for the public.
- IDBI Bank:
- It was set up in 1964.
- It is headquartered in Mumbai.
- Its CEO is Rakesh Sharma.
5. PayPoint India signs pact with 12 financial institutions for lending services.
- PayPoint India has signed a pact with 12 financial institutions for lending services.
- The company has signed ‘lead generation agreements’ with Punjab National Bank, ICICI Bank, Deutsche Bank and NBFCs such as Bajaj Housing, Piramal Housing and Hero Fincorp.
- The company would also introduce an investment related Systematic Investment Plan and inter-operable wallets.
- PayPoint India is a Mumbai-based company. It started up in 2008. It has a technology-enabled distribution network of financial services.
6. Indian online grocery delivery service, Grofers’ co-founder Saurabh Kumar quits.
- Indian online grocery delivery service, Grofers’ co-founder Saurabh Kumar has quitted the company.
- He remained associated with the company for eight-long years.
- Albinder Dhindsa announced Saurabh’s exit on Friday. Albinder Dhindsa is another founder of Grofers.
- Saurabh Kumar will continue to be a board member and a shareholder at the company.
- Grofers was founded in December 2013. It is based in Gurgaon.
Topic: Regulatory bodies/Financial Institutions
7. PFRDA enables individuals to work as distributor of pension products.
- Pension Fund Regulatory and Development Authority (PFRDA) has enabled individuals to work as a distributor of pension products by bringing changes in PoP regulations.
- Before this, only institutions were given the licenses for distribution and entities such as banks, NBFCs and certain non-bank entities categorised as points-of-presence (PoP) were allowed to work as distributors.
- PFRDA Chairman Supratim Bandyopadhyay said that individuals will be recruited as sub-entities and they will be allowed as distributors of pension products.
- Pension Fund Regulatory and Development Authority (PFRDA) was established in October 2003. Its Chairman is Supratim Bandyopadhyay. Its head office is in New Delhi.
8. Three senior executives - Rahul Mithal, Santosh Kumar Jha and Anuj Kumar to leave Container Corporation of India Ltd (Concor).
- Rahul Mithal, Santosh Kumar Jha and Anuj Kumar are three senior executives who will leave Container Corporation of India Ltd (Concor).
- Rahul Mithal is likely to be the next Chairman and Managing Director of RITES Ltd, which is an engineering consultancy in the transport infrastructure sector and a public sector undertaking controlled by the Ministry of Railways.
- Public Enterprises Selection Board (PESB) has selected Santosh Kumar Jha for the role of director (operations and commercial) at Konkan Railway Corporation Ltd.
- Public Enterprises Selection Board (PESB) has selected Anuj Kumar as the next director (finance) of Central Warehousing Corporation Ltd.
- Government has taken a decision to privatize Concor by divesting 30.8% of its 54.8% stake to a private firm.
- Container Corporation of India Ltd (Concor) is a subsidiary of Indian Railways. V. Kalyana Rama is its Chairman & Managing Director.