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.
Topic: RBI
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.
Topic: Appointments
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.
- Paytm:
- Parent organization: One97 Communications
- Headquarters: Noida
Topic: Miscellaneous
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.
Topic: Miscellaneous
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.
Topic: Corporates/Companies
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.
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