Topic: Regulatory Bodies/Financial Institutions
1. Pension Advisory Committee (PAC) has been reconstituted by PFRDA.
- The reconstituted PAC has 18 members and Chairperson and the six Members of PFRDA are ex officio Chairperson and six ex officio members of PAC.
- As per PFRDA Act, PAC cannot have more than 25 members, excluding ex officio members.
- PAC is required to meet at least twice a year. The term of office of each member of the PAC will be three years from the date of nomination by PFRDA.
- Pension Advisory Committee (PAC) was earlier constituted through notification dated 16th September, 2020.
- Pension Fund Regulatory and Development Authority (PFRDA) was established in October 2003. Its Chairman is Supratim Bandyopadhyay. Its head office is in New Delhi.
2. RBI will transfer Rs 30,307 crore as dividend to government for FY22.
- The RBI’s Central Board of Directors has approved transfer of Rs 30,307 crore as dividend to the government for FY22. This is lowest in 10 years.
- It is much lower than the RBI dividend of Rs 99,122 cr for 2021.
- In May 2021, RBI announced a dividend of Rs 99,122 cr for nine month period (July 2020-March 2021).
- The reason for lower surplus transfer is RBI’s absorption of huge liquidity from banks under reverse repo windows and paying interest to them.
- In the current fiscal, the government had estimated a receipt of Rs 73,948 crore as dividend revenue from the central bank and public sector financial institutions.
- The Reserve Bank of India will maintain the Contingency Risk Buffer at 5.50 per cent.
- The Central Board of Directors of RBI reviewed the current economic situation and discussed the working of the Reserve Bank during the year April 2021 to March 2022.
- In FY21, the RBI had changed accounting year to the April-March from July-June earlier.
Topic: Banking System
3. RBL Bank has partnered with Amazon Web Services to offer UPI Payments.
- RBL Bank has tied with Amazon pay to offer peer-to-peer and peer-to-merchant transactions.
- Amazon Pay will issue NPCI’s allocated UPI ID to RBL Bank.
- RBL Bank is a Mumbai based Indian private sector bank. It was earlier known as Ratnakar Bank. Vishwavir Ahuja is its MD & CEO.
Topic: Banking system
4. IDBI Bank will sell its 25% stake in Ageas Federal Life Insurance for ₹580.2 crore.
- IDBI Bank has signed a share purchase agreement with Ageas Insurance International to sell its stake in Ageas Federal Life Insurance.
- After the stake sale, Ageas will own 74% stake in Ageas Federal Life Insurance.
- It will be the first foreign investor to use increased foreign direct investment cap of 74% for the insurance sector.
- IDBI Bank will remain a distribution partner. Ageas Federal Life Insurance was a joint venture with IDBI Bank, Ageas and Federal Bank.
5. Infosys has reappointed Salil Parekh as its CEO and MD for five years.
- He is the CEO and MD of Infosys since Jan 2018 and his new term will be effective from July 1, 2022 to March 31, 2027.
- Vijay Shekhar Sharma has been reappointed as CEO and MD of Paytm for five years with effect from December 19, 2022.
- Madhur Deora, Chief Financial Officer of Paytm, has been appointed as an Additional Director.
- Board of Directors of One 97 Communications approved investment of up to Rs 950 crore in Paytm General Insurance Limited (PGIL).
- This approval is for investment of up to Rs 950 crore in tranches, over a period of 10 years and to hold upfront equity stake of 74%.
- Infosys is a Bengaluru headquartered Indian company providing business consulting, information technology and outsourcing services.
- Parent organization: One97 Communications
- Headquarters: Noida
6. NASSCOM’s ‘Smart Manufacturing Competency Centre (SMCC)’ has been inaugurated in Ahmedabad.
- Union Minister of State for Skill Development and Entrepreneurship Rajeev Chandrasekhar inaugurated the SMCC.
- The SMCC has been launched by NASSCOM Centre of Excellence-IoT & AI, in association with Ministry of Electronics and Information Technology and Gujarat government’s Department of Science and Technology.
- As per Debjani Ghosh, President of NASSCOM, India’s 90% manufacturing companies are SMEs that account for 33% of manufacturing GVA.
Topic: Indian Economy/Financial Market
7. India received highest ever annual FDI inflow of 83.57 billion dollars in the last fiscal year.
- FDI inflow in the last financial year has registered growth of 85% in comparison to FDI inflow received in the financial year 2014-15.
- India had recorded an FDI inflow of 45.15 billion US dollars in the financial year 2014-15.
- FDI inflows have grown 20-fold since the financial year 2003-04. The FDI inflows were 4.3 billion US dollars in the financial year 2003-04.
- FDI inflow in the manufacturing sector has grown by 76% to 21.34 billion US dollars in the last fiscal in comparison to the fiscal year 2020-21.
- Computer software and hardware are the top recipient sectors of FDI inflow. They are followed by Services Sector and Automobile Industry.
- Karnataka is the top FDI recipient state followed by Maharashtra and Delhi. Karnataka has a 38% share in the total FDI inflow reported during the fiscal year 2021-22.
8. Rajasthan’s innovator, Subhash Ola wins first prize in Amazon Sambhav Entrepreneurship Challenge 2022.
- His enterprise “Geniusenergy Critical Innovation Pvt Ltd” has won the Start-up of the Year award in this challenge.
- Subhash Ola has developed a technology for saving energy in boilers by recycling steam.
- The technology was first developed to make khoya and other milk products but later used in textile, milk and food, pharma, plywood, paper mills, leather industries etc.
- In 2015, Subhash Ola was honoured with the 8th Biennial National Grassroots Innovation and Outstanding Traditional Knowledge Award.
9. India’s first dental health insurance plan launched by PNB MetLife.
- This plan is India’s first insurance plan that provides financial assistance with costs related to overall dental health.
- Private insurer PNB MetLife’s new Dental Care Plan will help customers manage their dental health.