1. ADB's Masala bonds will now be sold and bought through India INX
- Asian Development Bank (ADB) has included its Masala bonds on the global debt listing platform of India International Exchange (IFSC) Limited (India INX).
- ADB's 10-year masala bonds worth Rs. 850 crore will now be sold and bought through India INX.
- Masala bonds of ADB are also listed on the Luxembourg exchange.
- Asian Development Bank (ADB):
- Formation: 1966
- Headquarters: Philippines
- India International Exchange (IFSC) Limited (India INX):
- It is the first international stock exchange of India.
- It is a subsidiary of the Bombay Stock Exchange.
- Location: International Financial Services Centre, GIFT City, Gujarat
2. RBI permits Bandhan Bank for adding more branches
- RBI has allowed Bandhan Bank to add more branches as Bandhan Bank has ensured compliance with licensing rules of RBI.
- In September 2018, RBI disallowed Bandhan Bank from adding more branches due to the failure of the bank in lowering the promoter's stake from 82% to 40%.
- As per RBI's licensing norms, the bank should have lowered the promoter's stake from 82% to 40% within three years of its operations.
- Presently, the promoter's stake in Bandhan Bank stands at 62%.
- Bandhan Bank is a Kolkata based private sector bank. Dr. Anup Kumar Sinha is its current chairman.
3. Indian refiners get discounts on crude oil
- Indian refiners are getting discounts on crude oil as China has lowered its refining output by more than 1.5 million barrels per day (bpd).
- China is the world's largest oil importer country. But, its oil refining output has declined due to coronavirus (COVID-19).
- India is the third-largest crude importer country in the world. It meets 83% of its total crude requirements through imports from other countries.
- From April to September quarter of 2019, India's crude oil imports stood at 111.4 million tonnes.
- From April to September quarter of 2019, India imported 26 million tonnes of crude oil from Iraq and Iraq became a top crude oil supplier to India by replacing Saudi Arabia as top crude oil supplier to India.
4. Indian OMCs want cess on BS-VI fuels
- Indian OMCs (Oil Marketing Companies) have complained to the government about the recovery of costs for upgradation of refineries to produce BS-VI fuel.
- They want a cess of Rs. 0.70 to Rs. 1 on every litre of petrol and diesel in order to recover their costs for upgradation.
- India will change from BS-IV to BS-VI fuel norms from April 1, 2020.
- Bharat stage emission standards (BSES) were introduced in 2000.
- In 2010, India switched to Bharat Stage-III (BS-III) fuel. BS-III fuel is considered equivalent to Euro-III fuels. Sulphur content in BS-III fuels was kept at 350 ppm.
- In April 2017, BS-III norms were replaced by BS-IV norms. BS-III norms limit sulphur content in fuels to 50 ppm.
- India will directly switch from BS-IV norms to BS-VI norms. Under BS-VI norms, Petrol and diesel will contain 10 parts per million (ppm) of sulphur.
5. SEBI clarifies that FPIs from Mauritius eligible for getting FPI registration in India
- SEBI has clarified that despite the addition of Mauritius on the grey list of FATF, FPIs from Mauritius will remain eligible for getting FPI registration in India.
- On February 21, the Financial Action Task Force (FATF) has included Mauritius in its grey list.
- FATF brings out two lists- black list and grey list.
- Countries included in the FATF grey list are also known as other monitored jurisdictions.
- Countries included in the FATF blacklist are also known as a call for action nations.
- Mauritius is one of the countries known as tax heavens.
- Financial Action Task Force (FATF):
- It was formed in 1989.
- Its duties include monitoring of money laundering and terrorism financing.
- It also monitors measures adopted by countries to prevent money laundering and terrorism financing.
- Headquarters: Paris
6. Concor and RZD sign agreement for faster cargo delivery
- Container Corporation of India (Concor) and Railways Logistics Joint Stock Company (RZD) of Russia have signed an agreement on faster cargo delivery.
- After the agreement, the time period for cargo delivery between India and Russia on railways will become lower from 45-50 days to 25-30 days through the International North-South Transport Corridor (INSTC).
- International North–South Transport Corridor (INSTC) is a multi-modal transport route. It links India with Russia and Europe via Iran.
- Container Corporation of India Ltd (Concor):
- It is a Navratna Public Sector Undertaking (PSU).
- It started functioning in 1989.
Multiple Choice Questions (MCQs)
1. When was Asian Development Bank (ADB) formed?
2. Which of the following banks was recently allowed to expand its branch network?
- Bandhan Bank
- Kotak Mahindra Bank
- HDFC Bank
- ICICI Bank
- PMC Bank
3. Which of the following countries was top crude oil supplier to India from April to September 2019?
- Saudi Arabia
4. What is the limit for sulphur content in Bharat Stage-IV (BS-IV) fuels?
- 10 parts per million (ppm)
- 20 parts per million (ppm)
- 30 parts per million (ppm)
- 40 parts per million (ppm)
- 50 parts per million (ppm)
5. Which of the countries was recently included in the blacklist by Financial Action Task Force (FATF)?
6. Container Corporation of India (Concor) has recently signed an agreement with Railways Logistics Joint Stock Company (RZD). RZD belongs to