Topic: Appointments
1. Rakesh Sharma re-appointed as MD & CEO of Mumbai-headquartered IDBI Bank.
- The board of directors of IDBI Bank has approved Rakesh Sharma's re-appointment as managing director and chief executive officer (MD&CEO).
- He will be appointed for a three-year term. The reappointment of Sharma as the MD and CEO of the bank has also got the approval of the banking regulator, Reserve Bank of India (RBI).
- IDBI Bank was set up in 1964. It is headquartered in Mumbai. In 2019, LIC acquired a 51 percent share in IDBI Bank.
- Currently, the government of India and the Life Insurance Corporation of India own 94.71 percent of the bank.
Topic: RBI
2. RBI announces timeframe for implementation of Core Financial Services Solution (CFSS) by NBFCs.
- RBI has said that NBFCs – Middle and Upper Layers with 10 and more Fixed Point Service Delivery Units (FPSDUs) as on October 1, 2022 shall mandatorily implement CFSS on or before September 30, 2025.
- However, NBFCs-Upper Layer (NBFC-UL) are required to implement Core Financial Services Solution (CFSS) in at least 70% of FPSDUs on or before September 30, 2024.
- The implementation of CFSS is not mandatory for NBFC – Base Layer and NBFC – Middle and Upper Layers with fewer than 10 FPDSUs.
- Such NBFCs can consider implementation of CFSS for their own benefit.
- NBFCs will be required to submit quarterly progress report on implementation of CFSS to the RBI’s Senior Supervisory Manager (SSM) Office from March 31, 2023.
- Four layer regulatory structure for NBFCs:
- In October 2021, RBI has issued Revised Regulatory Framework for NBFCs. Regulatory structure for NBFCs was categorized into four layers on the basis of size, activity, and perceived riskiness.
- NBFCs in the lowest layer were called NBFC - Base Layer (NBFC-BL). The Top Layer was called NBFC - Top Layer (NBFC-TL).
- NBFCs in middle layer and upper layer were termed NBFC - Middle Layer (NBFC-ML) and NBFC - Upper Layer (NBFC-UL) respectively.
- Non-Banking Financial Companies (NBFCs):
- Non-Banking Financial Companies (NBFCs) are companies registered under the Companies Act, 1956 and regulated by RBI under RBI Act, 1934.RBI (Department of Non-Banking Supervision-DNBS) is the regulator of NBFCs.
- NBFCs are not allowed to accept demand deposits. Their depositors do not get a deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation. So, they are different from banks.
Topic: Corporates/Companies
3. Hindustan Unilever Ltd (HUL) separated position of Chairman of the Board and the CEO and Managing Director.
- It has appointed Nitin Paranjpe as a Non-Executive Chairman with effect from March 31.
- Sanjiv Mehta will continue to work as the Chief Executive Officer & Managing Director (CEO&MD).
- Hindustan Unilever Ltd is a subsidiary of Unilever, a British company. It is headquartered in Mumbai.
Topic: Indian Economy/Financial Market
4. Russia’s military operation into Ukraine triggers largest Sensex decline in two years.
- The Sensex fell 2702.15 points, or 4.72 percent to close at 54,529.91. NSE Nifty fell 815.30 points or 4.78 per cent to 16,247.95.
- On 24th February, benchmark indices recorded their fourth-worst point-wise drop in history.
- BSE-market cap declined to Rs 242.11 lakh crore. Inflation will increase if crisis due to Russia and Ukraine continues.
- Nifty Smallcap declined 6.25% and Nifty Midcap declined 5.74%. Nifty 500 ended down 5.04 per cent. It the broadest index on NSE.
- Crude oil prices increased to their highest since 2014 near $100 per barrel.
- The rupee ended 29 paise weaker as banks purchased dollars. Government securities (G-Sec) prices declined sharply.
- Sensex and Nifty index:
- Sensex includes 30 companies. They are traded on Bombay Stock Exchange (BSE). On the other hand, Nifty index includes 50 companies. They are listed on National Stock Exchange (NSE).
- While Sensex was started in 1986, Nifty index was started in 1996.
- While Sensex is a benchmark index of Bombay Stock Exchange, Nifty (National Stock Exchange Fifty) index is a benchmark index of National Stock Exchange.
Topic: Miscellaneous
5. Centre released a “National Strategy on Additive Manufacturing (AM)” or 3D printing.
- National Strategy on Additive Manufacturing aims to add $2-3 billion to the GDP by 2025.
- Centre have plans to create 50 India-specific technologies to make India a 3D-printed design and manufacturing hub.
- As per the strategy, India will aim to achieve targets like 50 India specific technologies for material, machine and software, 100 new startups for additive manufacturing and 500 new products.
- The aim of National Strategy on Additive Manufacturing (AM) is to create a conducive ecosystem for design, development and deployment.
- It also aims to overcome technical and economic barriers for Global AM leaders to establish their operations with supporting ancillaries in India.
- Ministry of Electronics and Information Technology aims to raise India’s share in global additive manufacturing to 5% within the next 3 years.
- In 3D printing, computer-aided designing is used to make prototypes or working models of objects by laying down successive layers of materials like plastic, resin, thermoplastic, metal, fiber or ceramic.
Topic: Appointments
6. Sanjeev Sanyal appointed full-time member into EAC-PM.
- Sanjeev Sanyal has been appointed as a full-time member of the Economic Advisory Council to the Prime Minister (EAC-PM).
- Before this, he was the Principal Economic Adviser to the Finance Minister.
- Sanjeev Sanyal was appointed as Principal Economic Adviser of the Finance Minister in 2017.
- He has been appointed for two years. He has been working with the financial markets since the 1990s.
- Economic Advisory Council to the Prime Minister (EAC-PM):
- It is an independent body constituted to advice on economic and related issues to the Prime Minister.
- Current Chairman: Dr. Bibek Debroy
- The Chairman had the rank equivalent to a Cabinet Minister of India.
Topic: Miscellaneous
7. India elected for the chairmanship of International Rubber Study Group (IRSG).
- KN Raghavan will be the Chairman of IRSG for the next two years. He is head of Indian delegation to IRSG, and Executive Director of Indian Rubber Board.
- The position of chairman was vacant because Cote’d Ivoire (a country on the southern coast of West Africa) completed its term as chairman.
- International Rubber Study Group (IRSG):
- It is the inter-governmental organization of natural rubber and synthetic rubber producing and consuming countries.
- IRSG was formed in the year 1944 with Singapore as headquarters.
- It is the only International commodity body that has been approved by Common Fund for Commodities for development financing in rubber sector.
Topic: Appointments
8. Vipula Gunatilleka appointed as CFO of Jet Airways.
- Jalan Kalrock Consortium has appointed Vipula Gunatilleka as CFO of Jet Airways.
- He will join as Chief Financial Officer from March 1, 2022. Jalan Kalrock Consortium is new promoter of Jet Airways.
- He was CEO of SriLankan Airlines until January 2022. He was the CFO & Board Member of TAAG Angola Airlines before that.
Topic: RBI
9. Reserve Bank of India has issued a warning to the public against the use of the carpooling app sRide.
- RBI said that the sRide is being run without the required permissions.
- It further said that Gurgaon-based sRide Tech Private Limited is operating a semi-closed wallet without getting the necessary authorization under Payment and Settlement Systems Act, 2007.
- sRide is a carpooling mobile application that connect people in the community to share rides.
- Payment and Settlement Systems Act, 2007:
- It came into force with effect from August 2008. It provides for the regulation and supervision of payment systems in India.
- It designates RBI as the authority for the regulation and supervision of payment systems in India.
- Payment and settlement systems in India are regulated by RBI and Board for Regulation and Supervision of Payment and Settlement Systems (BPSS).
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