Banking, Financial and Economic Awareness

Topic: Miscellaneous

1. First phase of data analytics driven MCA21 Version 3.0 launched by Minister of State for Finance and Corporate Affairs Anurag Singh Thakur.

  • First phase of data analytics driven MCA21 Version 3.0 was launched by Minister of State for Finance and Corporate Affairs Anurag Singh Thakur.
  • MCA21 Version 3.0 has additional modules for e-Adjudication, e-Consultation and Compliance Management.
  • In addition to launch of version 3.0, the government has also introduced revamped website, e-Book, e-consultation module and new email services.
  • MCA Version 3.0 will be implemented in two phases. The second and final phase will be launched from October 2021.
  • MCA21 V3.0 was part of this year’s Budget announcement.
  • MCA21:
    • It was India’s first mission mode e-governance project.
    • It is the online portal of Corporate Affairs Ministry (MCA).
    • It was initially launched in 2006.

MCA21 Version 3.0 launched by Minister of State for Finance and Corporate Affairs

Topic: Indian Economy/Financial Market

2. India’s FDI inflow increased 10% in 2020-21.

  • India’s Foreign Direct Investment (FDI) inflow increased 10% in 2020-21 and reached the highest ever level of $81.72 billion.
  • Singapore topped the list of investor countries in 2020-21. It is followed by US (23% share) and Mauritius (9% share). It accounted for 29% of total FDI inflow into India.  
  • In 2019-20, FDI inflows showed a higher increase of 20% to $74.39 billion.
  • FDI equity inflow increased by 19% in 2020-21 to $59.64 billion in comparison to the previous fiscal.
  • Total FDI consists of equity, reinvested earnings and other capital.
  • Gujarat received maximum FDI in 2020-21. It received 37% of total FDI equity inflows. Gujarat was followed by Maharashtra (27% share) and Karnataka (13%).
  • Computer software & hardware sector attracted about 44% of the total FDI equity inflow. Construction (infrastructure) activities received 13%. Services sector attracted 8% of the inflows.
  • Gujarat received 78% of FDI into the computer, software & hardware sector.
  • Saudi Arabia showed the highest percentage increase in FDI flow to $2.81 billion in 2020-21 as compared to $89.93 million reported in the previous fiscal year.

Topic: Appointments

3. Banks Board Bureau (BBB) recommends Shanti Lal Jain for post of MD & CEO in Indian Bank.

  • Banks Board Bureau (BBB) has recommended Shanti Lal Jain for the post of MD & CEO in Indian Bank.
  • He is currently serving as Executive Director in Bank of Baroda.
  • The name of Soma Sankara Prasad has been recommended as the candidate on the Reserve List for the post of MD & CEO in Indian Bank.
  • Padmaja Chunduru is the current MD & CEO of Indian Bank. She will retire on August 31, 2021.
  • Indian Bank was founded in 1907. Its headquarters are in Chennai. From 1 April 2020, Allahabad bank has been merged with Indian Bank.
  • Banks Board Bureau (BBB):
    • It was formed in 2016 as an autonomous recommendatory body.
    • The board recommends the selection of whole time directors as well as non-executive chairpersons of public sector banks and state-owned financial institutions.

Topic: Miscellaneous

4. Air India’s servers hacked and data of nearly 45 lakh flyers breached.

  • Air India’s servers were hacked and data of nearly 45 lakh flyers was breached.
  • The hacked information was stored on SITA passenger service system.
  • Air India said that the data processor of its passenger service system had been subjected to a cyber-security attack leading to a personal data leak of around 45 lakh flyers.
  • CVV/CVC numbers of cards are secure and have not leaked. This is because they were not stored by the SITA PSS data processor.

Topic: Agriculture

5. Kerala government brings plantation sector under Industries department.

  • Kerala government has brought the plantation sector under the Industries department.
  • Kerala Government has shifted administrative control of plantation sector from Labour ministry to Industries department.
  • Government has taken this decision on the basis of recommendations of Justice Krishnan Nair committee.
  • Justice Krishnan Nair committee was appointed to study the issues in the plantations sector.
  • Plantation crops are crops that are cultivated on an extensive scale in a contiguous area. Tea, coffee, coconut, rubber, palm are some plantation crops.

Topic: Miscellaneous

6. Norms for mandatory hallmarking of gold jewellery will be implemented from June 15.

  • As per Consumer Affairs Ministry, norms for mandatory hallmarking of gold jewellery will be implemented from June 15.
  • Earlier, mandatory hallmarking of gold jewellery was to be implemented from June 1. Quality control order for mandatory hallmarking of gold jewellery/artefacts was issued by the government on January 15, 2020.
  • The Ministry has changed implementation dates in the wake of pandemic and requests from stakeholders.
  • Ministry has formed a committee to resolve issues being faced by jewelers. Pramod Tewari, DG, Bureau of Indian Standards, would be the convener of the committee.
  • The committee consists of Additional Secretary Nidhi Khare, Department of Consumer Affairs and representatives of jewellers associations, trade, and hallmarking bodies.

Topic: Corporates/Companies

7. A highly effective drug for treatment of early and advanced HER2-positive breast cancer launched under the brand name ‘Ujvira’.

  • A highly effective drug for the treatment of early and advanced HER2-positive breast cancer launched under the brand name ‘Ujvira’.
  • Ujvira has been launched by Zydus Cadila (Cadila Healthcare Limited). It is Trastuzumab Emtansine, the first Antibody Drug Conjugate (ADC) biosimilar.
  • Trastuzumab Emtansine ADC biosimilar is formed by combining Trastuzumab and a cytotoxic compound Emtansine (DM1).
  • The human epidermal growth factor receptor 2 (HER2)-positive breast cancer forms 10 to 25% of all breast cancers. Ujvira will reduce treatment costs by 80% for the patients.
  • Zydus Cadila (Cadila Healthcare Limited) is an Indian multinational pharma company. It is headquartered in Ahmedabad, Gujarat.

 

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