Banking, Financial and Economic Awareness

Half Yearly (Jan - June 2021)
2021 Book

Banking Awareness

Topic: Corporates/Companies

1. Delhi High Court’s divisional bench puts stay on Justice Midha’s order.

  • Delhi High Court’s divisional bench puts stay on Justice Midha’s order, which upheld interim award of Singapore International Arbitration Centre’s (SIAC) Emergency Arbitrator.
  • The division bench stayed the attachment of assets of the promoters and directors of Future Group.
  • Amazon has said that it will move to Supreme Court to get Justice Midha’s order implemented.
  • In its interim award, SIAC has earlier ruled against Rs 25,000-crore asset sale between Future Retail and Reliance.      

Topic: Indian Polity

2. Government notified new rule and said that Aadhaar is not mandatory for pensioners to get Jeevan Pramaan.

  • Government notified the new rule and said that Aadhaar is not mandatory for pensioners to get Jeevan Pramaan.
  • Jeevan Pramaan is a digital life certificate, which pensioners require to collect their pensions.
  • Government has also said that Aadhaar verification is not mandatory for government’s instant messaging solution Sandes.  
  • Government has also made Aadhaar verification voluntary for its attendance management at public offices.
  • Sandes was released for the first time in August 2020. It was earlier known as s Government Instant Messaging System (GIMS).

Topic: Miscellaneous

3. The construction work on craft handloom villages started in five states.

  • The construction work on craft handloom villages started on important tourist circuits across five states.
  • The names of villages are Mohapara (Assam), Kullu (Himachal Pradesh), Srinagar (J&K), Kollam (Kerala) and Rampur, Bodhgaya (Bihar).
  • Textile ministry is also working on setting up of Design Resource Centres to help weavers, exporters, manufacturers and designers in creating new designs.
  • Seven DRCs have been set up in Delhi, Ahmedabad, Jaipur, Varanasi, Guwahati, Bhubaneshwar and Mumbai. A DRC is being set up in Kancheepuram, Tamil Nadu.

Topic: Government Scheme and Initiatives

4. National Bank for Financing Infrastructure and Development Bill 2021 introduced by Finance Minister in Lok Sabha.

  • National Bank for Financing Infrastructure and Development Bill 2021 was introduced by Finance Minister in Lok Sabha.
  • The bill will allow the government to set up a Development Finance Institution to fund infrastructure projects.
  • Setting up of Development Finance Institution was recently approved by Union Cabinet.
  • Constitution (Scheduled Castes) Order (Amendment) Bill-2021 was also passed by Rajya Sabha. It joins seven castes in Tamil Nadu under one nomenclature of Devendrakula Vellalars.

Topic: Miscellaneous

5. India and Pakistan officials to meet in New Delhi and discuss several issues.

  • India and Pakistan officials to meet in New Delhi and discuss issues such as design of the Pakal Dul and Lower Kalnai hydro electricity projects in Jammu & Kashmir.
  • The meeting will be held between eight member delegation from Islamabad and Indian officials at the 116th Permanent Indus Commission.
  • Last meeting of Permanent Indus Commission was held in 2018. Pakistan raised objections over the design of Pakal Dul and Lower Kalnai hydroelectricity projects.
  • As per Indus Water Treaty of 1960, India controls Beas, Sutlej and Ravi and Pakistan controls Indus, Chenab and Jhelum.
  • Two new run-of-river hydroelectric plants — Durbuk Shyok and Nimu-Chilling  in Ladakh.

Topic: Indian Economy

6. Indian technical textile market in Asia Pacific to grow at 7.6%.

  • Indian technical textile market in Asia Pacific to grow at 7.6% from $ 14 billion in 2020 to $ 23.3 billion in 2027.
  • As per the report released by KPMG-FICCI, the domestic technical market will grow from $ 7.1 billion in 2020 to reach $11.6% billion by 2027.
  • The growth of Indian technical textiles industry is being supported by the government through various initiatives.
  • In September 2020, government launched National Technical Textiles Mission for a period of four years from 2020-21 to 2024-25.

Topic: Indian Economy

7. Engineering goods export record 5% decline in February 2021.

  • Engineering goods export has recorded a 5% decline to $6.5 billion in February 2021.
  • They have shown a growth of 14.46% in January 2021. The decline in exports is due to a decline in shipments to US.
  • The export of Items from China has continued to rise. Overall engineering exports declined 8.16% in April-February 2020-21 to $64.27 billion.
  • USA is the topmost destination for India’s engineering products. China is the second largest importer of engineering products from India.

 

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