Banking, Financial and Economic Awareness

Topic: Miscellaneous

1. First parcel of petrochemical Normal Butanol dispatched from BPCL-Kochi Refinery.

  • First parcel of petrochemical Normal Butanol has been dispatched from BPCL-Kochi Refinery.
  • It was produced in the new propylene derivatives petrochemical complex of Bharat Petroleum Corporation Ltd at Kochi Refinery.
  • Arun Kumar Singh, Director (Marketing), BPCL-Kochi Refinery, virtually flagged off the first parcel of petrochemical Normal Butanol.
  • Normal Butanol is one of the six major niche petrochemicals which will be produced at the new propylene derivatives petrochemical complex at Kochi Refinery.
  • New propylene derivatives petrochemical complex at Kochi Refinery has capacity for production of Butyl Acrylate, 2 Ethyl Hexyl Acrylate, Acrylic Acid, 2 Ethyl Hexanol and Normal Butanol.

Topic: Miscellaneous

2. Singapore suspends crew change for seafarers, who recently travelled to India.

  • As the number of Covid-19 infections is increasing, Singapore has suspended crew change for seafarers (sailors) who recently travelled to India.
  • Crew change is a process in which crew members of the ship are replaced.
  • The ban was announced by Maritime and Port Authority of Singapore (MPA) on Thursday. It will become effective from Saturday midnight.
  • Crew change will remain prohibited for seafarers (sailors) with travel history to India within the last 14 days preceding arrival to Singapore.
  • Singapore:
    • It is a sovereign island nation in Southeast Asia.
    • Its capital city is Singapore and the currency is Singapore Dollar.
    • Lee Hsien Loong is the current Prime Minister of Singapore.

Topic: Miscellaneous

3. India-US Climate and Clean Energy Agenda 2030 Partnership launched by PM Modi and President Biden.

  • India-US Climate and Clean Energy Agenda 2030 Partnership was launched by PM Modi and President Biden.
  • PM Modi made the announcement about the launch while addressing Leaders Summit on Climate, a two-day virtual event being hosted by US President Biden.
  • At the summit, a new target for US to achieve 50-52% reduction from 2005 levels in greenhouse gas pollution in 2030 was announced by President Biden.
  • PM Modi said that India’s per capita carbon emissions remain only 60 per cent of the global average.

Topic: Regulatory Bodies/ Financial Institutions

4. DGTR recommends anti-dumping duty on fibre boards from Vietnam, Malaysia, Thailand and Indonesia.

  • DGTR has recommended anti-dumping duty on Plain MDF Board imported from Vietnam, Malaysia, Thailand and Indonesia.
  • Directorate General of Trade Remedies (DGTR) has given its recommendation. Department of Revenue will now take a decision on imposing it. If imposed, anti-dumping duty will be valid for five years.
  • It would apply to ‘Plain Medium Density Fibre (MDF) Board’ (thickness less than 6 mm) imported from mentioned countries.
  • Anti-dumping duty will depend on the landed value. It is the difference between landed value and specified rates.

Topic: Agriculture

5. Government intends to raise mustard production to 17 million tonnes by 2025-26.  

  • Government intends to raise mustard production to 17 million tonnes by 2025-26 as per Joint Secretary (Oilseeds) in the Union Ministry of Agriculture and Farmers’ Welfare.
  • As per Shubha Thakur, Joint Secretary (Oilseeds), the government also intends to bring around nine million hectares of land under mustard cultivation.
  • She was speaking at a webinar on ‘Mission Mustard 2025’ organized by the Solvent Extractors’ Association (SEA) of India.
  • She said that 5.9 million hectares area was the average normal area for five years from 2014-15 to 2018-19 and 7.7 million tonnes was the production.
  • For 2021-22, the government is aiming at an area of 7.5 million hectares for mustard cultivation. Government is also aiming at production of 12.24 mt of mustard for 2021-22.

Topic: Appointments

6. RBI approves Atanu Chakraborty’s appointment as part-time Chairman of HDFC Bank.

  • RBI has approved Atanu Chakraborty’s appointment as part-time Chairman of HDFC Bank.
  • His appointment will become effective for three years with effect from May 5, 2021 or the date of his taking charge, whichever is later.
  • Now, a meeting of board of directors will be held to consider his appointment. Atanu Chakraborty has earlier served as Economic Affairs Secretary.
  • HDFC Bank Limited is headquartered in Mumbai. HDFC Bank is India’s largest private sector bank. It was founded in 1994. CEO of HDFC Bank is Sashidhar Jagdishan.

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