1. Ministry of Corporate Affairs has appointed Sangeeta Verma as acting Chairperson of Competition Commission of India (CCI).
- She was already a member of CCI. She has been appointed for three months or till any further orders.
- She had joined CCI as a Member on December 24, 2018.
- The incumbent CCI Chairperson, Ashok Kumar Gupta, demitted the office after a four year tenure.
- Competition Commission of India:
- CCI was formed on 14 October 2003 under the Competition Commission Act, 2002.
- It aims to eliminate practices that affects competition in Indian market and protect the interests of the consumers.
- CCI consists of a Chairperson and 6 Members appointed by the Central Government.
2. Jakson Green had signed a Memorandum of Understanding (MoU) with the Rajasthan government.
- Jakson Green had signed the MoU to invest about ₹22,400 crore (roughly $2.8 billion) in Rajasthan to establish a Green Hydrogen and Green Ammonia project in phases.
- Jakson Green will establish a 3,65,000 tonnes per annum Green Hydrogen and Green Ammonia plant in Kota.
- Rajasthan government would facilitate Jakson Green in getting required registrations, approvals, clearances, and provide incentives.
- Jakson Green is a part of the Jakson Group, which is a diversified energy and Infrastructure company headquartered in Noida.
3. Atul Kumar Goel has been re-elected as the Chairman of the IBA for the term 2022-23.
- He has been re-elected by the Managing Committee of the Indian Banks’ Association (IBA).
- He is Managing Director & CEO of Punjab National Bank.
- The Committee also re-elected Dinesh Kumar Khara, Chairman, State Bank of India as deputy chairman of IBA.
- It elected A S Rajeev, MD & CEO, Bank of Maharashtra as deputy chairman of IBA.
- It also elected Madhav Nair, Country Head & CEO, Mashreq Bank PSC as deputy chairman of IBA.
- The committee elected N Kamakodi, Managing Director & CEO, City Union Bank as the Honorary Secretary of IBA.
- Indian Banks’ Association:
- It was founded in 1946. It is headquartered in Mumbai. Sunil Mehta is its current Chief Executive.
- It started with 22 members. As on November 2018, its total membership is 249.
- It is managed by a managing committee, which currently consists of one chairman, 3 deputy chairmen, 1 honorary secretary and 26 members.
4. IndusInd Bank has signed an agreement with the United States International Development Finance Corporation (DFC) for a $150 million loan.
- The bank will use loan proceeds to lend to women borrowers in rural communities of Jharkhand, Uttar Pradesh, and Bihar.
- The bank aims to improve access to finance for women borrowers and uplift the livelihoods of these women and their families.
- IndusInd Bank:
- It is a private sector bank founded in 1994. It is headquartered in Mumbai.
- Sumant Kathpalia is its MD & CEO. Its tagline is we make you feel richer.
Topic: Banking System
5. Banking-as-a-Service (BaaS) has been launched by Intellect Global Transaction Banking (iGTB).
- BaaS is the ability of banks to embed financial services & products directly within their clients’ ecosystem as they serve their customers.
- iGTB’s BaaS offering includes three products in alignment with popular Embedded Banking models.
- Direct Embedding (into B2B, B2C marketplaces and e-commerce platforms)
- White labelling (to distribute banking services via fintechs or aggregators)
- Enabling non-banks (to operate like a bank)
- iGTB is the transaction banking and technology specialist from Chennai-based Intellect Design Arena.
Topic: Reports and Indices
6. Shiv Nadar has topped the EdelGive Hurun India Philanthropy List 2022.
- Wipro’s Azim Premji was the second in the list. Premji was also mentioned as the only living Indian to feature in the EdelGive Hurun Philanthropists of the Century.
- Mukesh Ambani and Kumar Mangalam Birla stood at third and fourth place.
- Nikhil Kamath of Zerodha was the youngest philanthropist on the EdelGive Hurun Philanthropy List 2022.
- Rohini Nilekani tops the list of the most generous woman, followed by Leena Gandhi Tewari and Anu Aga.
- Ajit Isaac was the new entrant on list at the 12th place. Rakesh Gangwal also featured for the first time on the list.
- AM Naik, group chairman of Larsen & Toubro, is the first professional manager to enter the top 10 in EdelGive Hurun Philanthropy List.
- Amit Chandra and Archana Chandra are the only other professional managers on the list.
- Mumbai led the list with 33 percent of philanthropists, followed by New Delhi (2nd) and Bengaluru (3rd).
- Pharma Industry has the largest number of philanthropists in the list.
- EdelGive Foundation and Hurun Report have published EdelGive Hurun Philanthropy List for the ninth year in a row.
Topic: Banking System
7. Credit cards-in-force fell for the second straight month in September.
- This is because credit card issuers shut inactive cards to comply with the guidelines of RBI.
- Cards-in-force declined 0.4% or by 2.9 lakh to 7.8 crore as of September 30, 2022.
- RBI has asked issuers to deactivate credit cards which are unused for over one year.
- As per RBI’s directions, issuers started deactivating credit cards with effect from July 1.
- RBI has also asked issuers to close cards that have not been activated for 30 days since issuance from October 1.
- Bank of America, Standard Chartered Bank, ICICI Bank, Bank of India, HSBC, American Express and Citibank saw the largest percentage decline in cards.
- DBS Bank, SBM Bank India, Federal Bank, South Indian Bank, AU Small Finance Bank, IDFC First Bank and Bank of Baroda saw a bulk of the card accretion during September.
- Kotak Mahindra Bank was the largest acquirer, followed by IDFC First Bank, Bank of Baroda, and IndusInd Bank.
- Despite decline in card numbers, car spend continued to increase. Card spends increased 9.1% on month to ₹1.2-lakh crore in September.
- SBI, ICICI Bank and Axis Bank gained market share. Their card spends increased by 19-28%. HDFC Bank lost market share by 234 bps.
8. Ministry of Railways decided to shut down Central Organisation for Modernisation of Workshops (COFMOW).
- COFMOW will be shut down from December 1, 2022.
- Ministry’s decision comes after the recommendation of the Principal Economic Advisor, Ministry of Finance, on rationalisation of government bodies.
- COFMOW was established in 1979 to modernise Indian Railways workshops. It is a Public Sector Undertaking (PSU).
- Railways has previously closed down Indian Railways Station Development Corporation.
9. India will export green energy to Singapore from 2025.
- India’s Greenko group and Singapore’s Keppel Infrastructure have signed an MoU.
- Under the MoU to explore opportunities in green hydrogen potential in India, both will work together towards a 250,000 tonnes per annum contract.
- Under the MoU, the first shipment will be supplied to Keppel’s new 600MW power plant in Singapore.
- Petroleum and Natural Gas Minister Hardeep Singh Puri and Singapore’s Trade and Industry Minister Gan Kim Yong virtually witnessed signing of the Greenko-Keppel MoU.
- Greenko is one of India’s leading Renewable Energy companies.
10. Pakistan removed from 'grey list' by Financial Action Task Force (FATF) after four years.
- The FATF took this decision at its plenary meeting held in Paris on 21 October.
- Pakistan's imports, exports, and remittances have all been impacted because of this inglorious grey listing, which has also restricted Pakistan's access to foreign funding.
- Pakistan was on the grey list of FATF since June 2018 due to deficiencies in its anti-terrorism financing and anti-money laundering regime.
- FATF decided to add Myanmar on its ‘black list’. Myanmar has been added to a group of high-risk countries, known as the ‘black list’.
- North Korea and Iran are on the ‘black list’ since 2020.
- The decision to include Myanmar has been taken due to its failure in resolving illicit financial flows.
- In June 2022, the FATF strongly urged Myanmar to complete its action plan by October 2022.
- Financial Action Task Force (FATF):
- It is an intergovernmental organization. It was established in 1989 to combat money laundering, terror financing, and other related threats for the integrity of the international financial system.
- Currently, it has 39 members, including two regional organizations - the European Commission and Gulf Cooperation Council.
- India is a member of the FATF consultations and its Asia Pacific Group.