Banking, Financial and Economic Awareness of 26 November 2019

1. About 92,000 employees of BSNL, MTNL opt for VRS

• Out of the total staff (1.5 lakh employees) at BSNL, 1 lakh are eligible for the Voluntary Retirement Scheme (VRS).
• About 92,000 employees of BSNL & MTNL have opted for VRS Scheme, which will be effective from 31^st January 2020.
• Both BSNL and MTNL are running in losses since 2010. The total debt on both companies is Rs. 40,000 crore.
• Voluntary Retirement Scheme:
  • It is a scheme under which a company can reduce its surplus staff.
  • It is applicable to those employees who are aged above 40 years or have completed ten years of service.

2. WhatsApp to invest $25,000 in India's start-ups

• WhatsApp, a mobile messaging app, has decided to invest $25,000 in India's startup ecosystem.
• It will provide Facebook Ad credits of $500 each to 500 startups through which these startups can invite the customers to chat on WhatsApp, thereby, increasing their consumer base and sales.
• These 500 startups will be the ones approved by the Department for Promotion of Industry and Internal Trade (DPIIT).
• DPIIT was established in 1995 and is a department under the Ministry of Commerce and Industry.

3. Subhash Chandra resigns as Chairman of Zee Entertainment

• Subhash Chandra resigned as the Chairman of Zee Entertainment board.
• He will continue as the non-executive director.
• This resignation is in line with provisions under Regulation 17 (1B) of SEBI Listing Regulations, according to which the Chairperson of the Board shall not be in relation to the MD or CEO of the company.

4. Ship Recycling Bill introduced in Lok Sabha

• The Ship Recycling Bill has been introduced in Lok Sabha, which seeks to eliminate the use of hazardous material in making or recycling ships.
• Across the world, the largest number of Ships are recycled in India.
• The proposed bill prohibits the use of hazardous material in all ships except warships and non-commercial ships operated by the government.
• According to the UNCTAD report on Review of Maritime Transport 2018, 6,323 tonnes of the ships were scrapped by India in 2017.
• Union Cabinet has approved the signing of the Hong Kong International Convention for Safe and Environmentally Sound Recycling of Ships, 2009.