Banking, Financial and Economic Awareness of 25 and 26 June 2020

1. FIEO estimates 10% decline in exports

• Federation of Indian Export Organisations (FIEO) has estimated that decline in exports may be at 10% during current fiscal year.
• The exports have declined sharply during last two months. But, they are becoming normal and may improve in second half of current year.
• India's exports of goods have declined by 60 per cent in April 2020 and 36% in May 2020.
• The FIEO have also said that Merchandise Export from India Scheme (MEIS) rates should be raised by 4% for all items except labour-intensive items.
• FIEO has also suggested the government that it should impose cess on exports of raw materials to China as raw materials make up 50-60% of India's exports to China
• In 2019-20, export of goods from India decreased by 4.78% to 314.31 billion dollars.

2. TRAI launches channel selector and channel subscription modifier app

• Telecom Regulatory Authority of India (TRAI) has launched a mobile app for helping customers in selecting and modifying their channel subscription pack.
• TRAI has integrated 8 distribution platform operators (4 DTH service providers and 4 Multisystem operators) with the app and 12 more are being integrated.
• The app was launched by TRAI Chairman RS Sharma at a virtual event.

3. Fast Track Automation launched by Honeywell

• A Fast Track Automation has been launched by Honeywell for life sciences industry.
• It is a proprietary technology innovation to help life sciences industry in getting regulatory approval of vaccines and starting production in two months.
• The process automation elements in Fast Track Automation launched by Honeywell can be configured in a virtual environment.
• The virtually configured automation elements can be used rapidly after approval for production.
• Honeywell or Honeywell Automation India Limited (HAIL) provides integrated automation solution for different industries.

4. Fidelity International to provide equal parental leave to all staff

• Fidelity International has announced that it will provide equal parental leave to all staff.
• As per the policy of central government, the employees of company get 10 day long paternity leaves and 26 weeks long maternity leaves.
• Now, the employees will get 26 weeks of paternity leaves and maternity leaves.
• The paid leaves given to fathers and secondary carers will be same to that given to the mothers and primary carers.
• The policy will be applicable if child is born on or after September 1, 2020.  It will also be applicable to children born through surrogacy and to children adopted on or after September 1, 2020.
• Fidelity International is a company based in London. It is an investment management service provider company.

5. Jaadhu Holdings LLC to acquire 9.99% stake in Jio Platforms

• Competition Commission of India (CCI) has granted approval for acquisition of 9.99% stake in Jio Platforms by Jaadhu Holdings LLC.
• Jaadhu Holdings LLC is a Facebook's 100% owned subsidiary. It was formed in March 2020 in United States.
• Jio Platforms is Reliance India Limited's subsidiary company.

6. Credit Guarantee Scheme for Sub-ordinate Debt (CGSSD) launched

• Credit Guarantee Scheme for Sub-ordinate Debt (CGSSD) has been launched by Minister of Micro, Small and Medium Enterprises.
• Under the CGSSD, government will provide promoters a guarantee cover worth Rs 20,000 crore. The promoters will be able to take debt from banks for investing in stressed MSMEs as equity.
• Only promoters of operational MSMEs which are stressed and have already become NPAs on 30th April would get support under CGSSD.
• The credit under CGSSD will be equal to lower of 15% of their stake or Rs 75 lakh.
• 10 years will be maximum tenure for repayment under CGSSD.

Read Banking Awareness PDF - 25 and 26 June 2020