Banking, Financial and Economic Awareness of 21 January 2020

1. Uber Eats India acquired by Zomato

• Zomato has acquired the food delivery business of Uber, named Uber Eats India.
• As part of the deal, users clicking on the Get Food Delivery button of Uber's app will be sent to Zomato for six months.
• Zomato and Swiggy currently occupy 80% of the food delivery market in India.
• Earlier, Zomato has collected $150 million from Ant Financial, which is an affiliate of Alibaba Group.
• Uber:
  • It is an American company.
  • CEO: Dara Khosrowshahi
  • Subsidiaries: Uber Eats, Careem
  • Founders: Travis Kalanick & Garrett Camp
• Zomato:
  • It is an Indian company.
  • Founder(s): Deepinder Goyal, Pankaj Chaddah
  • Founded: 2008
• Swiggy:
  • Founder(s): Nandan Reddy, Sriharsha Majety, Rahul Jaimini
  • Founded: 2014
  • CEO: Sriharsha Majety

2. West Bengal replaces UP as top vegetable producer

• According to State-wise horticulture production data from Agriculture Ministry, West Bengal has become the top vegetable producer by producing 29.55 million tonnes (mt) vegetables in 2018-19.
• Last year, West Bengal produced 27.70 mt vegetables.
• In 2018-19, UP produced 27.71 mt vegetables. It was the top vegetable producer last year by producing 28.32 mt.
• Top three fruit-producing states are Andhra Pradesh (17.61 mt), Maharashtra (10.82 mt) and UP (10.65 mt).
• In 2017-18, Assam was the second top producer of fruits. It was replaced by Maharashtra in 2018-19.
• In 2004-05, 6.74 million hectares (mh) area was under vegetable crops. It increased to 10.10 mh in 2018-19. During the same period, the area under fruit crop cultivation was 6.65 mh.
• In 2004-05, Vegetable production was 101.25 mt. It increased to 185.88 mt in 2018-19.
• In 2018-19, fruit production was 98.58 mt. It is approximately 31.4% of the total horticulture crops in India.

3. Appointment of new MD of SBI and chiefs of Canara Bank, Bank of Baroda (BoB) and Bank of India (BoI)

• Along with the approval of Challa Sreenivasulu Setty as the new MD of SBI, the names of new MD & CEO of Canara Bank, BoB and BoI have been announced by the government.
• Lingam Venkata Prabhakar will become MD & CEO of Canara Bank on or after February 1, 2020. RA Sankara Narayanan is the current MD & CEO of Canara Bank.
• Sanjiv Chadha and Atanu Kumar Das will be appointed as MD & CEO of BoB and BoI, respectively.
• Dinabandhu Mohapatra was MD & CEO of Bank of India (BoI) till the end of June 2019.
• PS Jayakumar was MD & CEO of Bank of Baroda (BoB) till the end of October 2019.

4. SC orders new seven-member board for Unitech Limited

• Supreme Court has ordered a new seven-member board headed by former NHAI chairman Yudvir Singh Malik to take over the current board of directors at Unitech Limited.
• The Board will also have former chairman of NBCC (India) Limited, Anoop Kumar Mittal and Niranjan Hiranandani as directors.
• SC has also ordered the board to give the status report within two months. The court also ordered the appointment of a retired SC judge for monitoring the resolution feedback of a new board.
• Earlier, Justice S N Dhingra committee was monitoring the selling of Unitech's assets to complete the pending projects. The court said that the S N Dhingra committee will continue its work until the final resolution framework is presented by a new board of directors.

Multiple Choice Questions (MCQs)

1. Which among the following has recently acquired the food delivery business of Uber in India, named Uber Eats?

1. Swiggy
2. Zomato
3. Ola
4. Alibaba Group
5. Ant Financial

2. Which of the following is top vegetable producer according to the latest state-wise horticulture production data released by Agriculture Ministry?

1. Andhra Pradesh
2. Maharashtra
3. Assam
4. West Bengal
5. Uttar Pradesh

3. Who has been recently appointed as MD & CEO of Canara Bank?

1. Challa Sreenivasulu Setty
2. Lingam Venkata Prabhakar
3. RA Sankara Narayanan
4. Sanjiv Chadha
5. Atanu Kumar Das

4. Who will be the head of new seven-member board for Unitech Limited?

1. Yudvir Singh Malik
2. Anoop Kumar Mittal
3. Niranjan Hiranandani
4. S N Dhingra
5. Sanjay Chandra

Correct Answers:

1. B
2. D
3. B
4. A