Banking, Financial and Economic Awareness

2019-11-20

1. Wireless subscribers base increases to 1.17 million in September

  • According to the data released by the Telecom Regulatory Authority of India (TRAI), the wireless subscribers base in India has widened to 1.17 million at the end of September.
  • Reliance Jio and BSNL are the top gainers, while all other operators like Vodafone Idea, Bharti Airtel lost the subscribers in September.
  • Telecom Regulatory Authority of India (TRAI)
    • It is a statutory body established under the Telecom Regulatory Authority of India Act, 1997.
    • It issues directions, orders and regulations concerning tariffs, interconnection, quality of service and governance.
    • Headquarters: New Delhi
    • Chairman: Dr. R. S. Sharma

2. Centre nod for setting up a dedicated cell to promote Agri startups

  • The government will be setting up a dedicated cell for agriculture startups and small entrepreneurs.
  • The startups can help farmers in doubling their income and reducing costs.
  • There are around 5,000 FPOs in India that can act as a medium for innovation.
  • Food Producer Organisations (FPOs):
  • It is a registered legal entity in which the farmers are the shareholders. It works for the benefits of the farmers, and a part of the profit is shared among the shareholders while the rest is used for business expansion.
  • Small Farmer’s Agribusiness Consortium (SFAC) provides support for the promotion of FPOs.

3. SEBI directs trading and clearing members to collect certain margins in cash segment

  • SEBI has issued directions on ‘Collection and reporting of margins by Trading Member (TM) /Clearing Member (CM) in Cash Segment.’ Some of the provisions would come into force from January 1, 2020 while the rest would be applicable from April 1, 2020.
  • According to the circular, the trading and clearing members should essentially collect certain margins in the cash segment.
  • Securities and Exchange Board of India (SEBI)
    • It is the regulator of the securities market in India and aims to protect the interests of investors in securities.
    • It is a statutory body that was established under the provisions of the SEBI Act, 1992.
    • Its headquarters is located in Mumbai, and its current chairperson is Ajay Tyagi.

4. Konark Urban Co-operative Bank fined for violating guidelines

  • A fine of Rs. 4 lakh has been imposed by Reserve Bank of India on Konark Co-operative Bank under the provisions of Banking Regulation Act, 1949.
  • The bank is fined for violating the instructions of RBI regarding director-related loans.
  • Urban Co-operative Banks:
    • These are the primary banks that are located in urban and semi-urban areas. They primarily lend to small borrowers and businesses. These are further classified as scheduled and non-scheduled urban co-operative banks.
    • These are partly regulated by RBI.
  • Konark Urban Co-operative Bank:
    • It was formed in 1998 with the name the Swaraj Urban Co-operative Bank and was renamed to Konark Urban Co-operative Bank in 2011.
    • Chairman- Nand Jethani

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