1. FSIB has recommended Samuel Joseph Jebaraj for post of Deputy Managing Director (Lending & Project Finance) in NABFID.
- Financial Services Institutions Bureau (FSIB) has interfaced 12 candidates for this post in National Bank for Financing Infrastructure and Development (NABFID).
- Samuel Joseph Jebaraj is Deputy Managing Director, IDBI Bank Ltd.
- Deputy Managing Director (Chief Financial Officer), Deputy Managing Director (Chief Risk Officer-CRO) and Deputy Managing Director (Lending & Project Finance) are three DMD positions in NABFID.
- In August, the names of Monika Kalia and B S Venkatesha were recommended by FSIB for the positions of DMD (Chief Financial Officer) and DMD (Chief Risk Officer) respectively.
- In July, the name of former Union Bank Chief Rajkiran Rai was recommended by FSIB for the position of Managing Director at NABFID.
2. 17,000 crore rupees GST compensation released by centre to States.
- Centre has released this amount (17,000 crore rupees) to States/UTs towards the balance GST compensation for the period April to June 2022.
- The total compensation given to the States/UTs thus far in FY23, including the most recent payment of ₹17,000 crore, is ₹1,15,662 crore.
- The total Cess collection till October 2022 is only ₹72,147 crore.
- Due to this, the balance ₹43,515 crore has been released by the Centre from its own resources.
- The total amount of Cess expected to be collected this year till March-end and available for payment of compensation to States has been released by the Centre in advance.
- In May 2022, ₹86,912 crore were released by the Centre as provisional GST compensation to States for the period Feb-May 2022.
- The States that received GST compensation in the latest round are Andhra Pradesh (₹682 crore), Chhattisgarh (₹500 crore), Delhi (₹1200 crore), Gujarat (₹856 crore) and Haryana (₹622 crore).
- Other States that received GST compensation in the latest round are Karnataka (₹1915 crore), Kerala (₹773 crore), Madhya Pradesh (₹722 crore), Uttar Pradesh (₹1202 crore), Tamil Nadu (₹1188 crore) and West Bengal (₹814 crore).
Topic: Committees/ Commissions/ Taskforces
3. Directorate General of Hydrocarbons (DGH) has formed an independent committee.
- The committee will review the performance of the empaneled agencies conducting e-bidding of natural gas.
- The five-member committee will also act as a grievance redressal body.
- It will examine grievances received from sellers or buyers of natural gas and submit its recommendations.
- DGH has presently empaneled five agencies for conducting the bidding process for buying or selling of natural gas in India.
- SBI Capital Markets, Mjunction Services, RITES, MSTC and Crisil are the names of these agencies.
- The seller or buyer of natural gas participating in e-bidding can raise the complaint within 7 days from close of the bidding.
- The committee shall form its recommendations in 60 days of receipt of the grievance.
- Competent authority shall communicate its decision within 30 days of receipt of recommendations to the committee.
- In April-October of FY23, India’s natural gas production increased marginally by 1%. Imports declined by 11% y-o-y.
- The major consumers were fertiliser (37%), City Gas Distribution (20%), power (13%), refinery (5%) and petrochemicals (2%).
Topic: Indian Economy/Financial Market
4. India’s imports of coking coal increased 6% year-on-year to 28 mt in the April-October of current fiscal year.
- India’s coking coal imports stood at 26.5 million tonnes (mt) a year-ago.
- Coking coal imports from Russia increased over 100% to 1.1 mt during April-October of this fiscal.
- Coking coal imports from Russia stood at 0.53 mt in the corresponding period last fiscal year.
- Despite the increase, Russia remained fifth largest supplier of coal, after Australia, the US, Canada and Mozambique.
- Coking coal is required as a raw material in steel making. India is world’s second largest producer of crude steel.
- More than 50 mt of coking coal was imported by Indian steel mills in FY22.
- Coking coal imports from Australia declined 14% to 18.33 mt during April to October 2022.
- 21.28 mt of coking coal was imported from Australia in the same period last year.
- There have been no Chinese imports till now this year due to Covid-control measures.
- In April to October period of last year, coking coal imports from China stood at 66,757 tonnes.
- Coking coal imports from US increased 150%. This is the highest growth in percentage terms during the seven-month period.
- Canada and Mozambique are third and fourth largest source of coking coal.
- While exports from Canada increased by 20%, exports from Mozambique increased 40%.
Topic: Regulatory Bodies/Financial Institutions
5. IRDAI has unveiled a set of insurance reforms on 25 November.
- Private equity funds have now been given the option of making investment through special purpose vehicles.
- They have now been enabled to directly invest in insurance companies.
- As part of reforms, IRDAI has allowed promoters to dilute their stake up to 26%.
- This is subject to the condition that the insurer has satisfactory solvency record for past 5 years and is a listed entity.
- Investment up to 25% of paid up capital by single investor (50% for all investors collectively) will now be treated as ‘investor’.
- Investments over and above that will only be treated as ‘promoter’.
- Earlier the threshold was 10% for individual investor and 25% for all investors collectively.
Topic: Banking System
6. Canara Bank has started issuing Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL).
- Canara Bank launched e-BG on its 117th founder’s day. The bank now offers an API based digital workflow of Bank guarantees.
- This will eliminate physical issuance, stamping, verification and paper-based record maintenance of Bank Guarantees.
- Canara bank has become first public sector bank to roll out electronic bank guarantee in partnership with NeSL.
- In September 2022, HDFC Bank (India’s largest private sector bank) became the first bank to issue an Electronic Bank Guarantee (e-BG).
- Recently, Canara Bank was ranked 1st under Digital Payment performance as on 31.03.2022 (i.e. FY 2021-22) by Ministry of Electronics & Information Technology.
- Canara Bank:
- It was founded in July 1906. It is headquartered in Bengaluru. Lingam Venkat Prabhakar is its CEO.
- Recently, the government has merged Syndicate bank with Canara bank.
- National E-Governance Services Limited:
- It is India’s first Information Utility. It is registered with the Insolvency and Bankruptcy Board of India (IBBI) under the Insolvency and Bankruptcy Code, 2016.
- It is incorporated as a union government company.
- Its primary role is to serve as a repository of legal evidence holding the information pertaining to any debt/claim.
7. A panel formed by the Centre to revamp the Mahatma Gandhi National Rural Employment Guarantee Scheme.
- The committee has been constituted to review the implementation of the MGNREGA scheme, particularly to assess the efficacy of the program as a poverty alleviation tool.
- The committee has been headed by former Rural Development Secretary Amarjit Sinha.
- The first meeting of the committee was held on November 21, 2022, and it has been given three months to give its suggestions.
- The Sinha committee has now been tasked with studying the various factors behind the demand for MGNREGA work, trends in expenditure, and inter-state variations and composition of work.
- It will suggest what changes are needed in the focus and governance structures to make MGNREGA more effective.
- Mahatma Gandhi National Rural Employment Guarantee Act 2005 (MGNREGA):
- It was passed by Parliament on 23rd August 2005. It came into force on 2 February 2006.
- In October 2009, National Rural Employment Guarantee Act 2005 was amended and its name was changed from NREGA to MGNREGA.
- Under MGNREGA, there is a provision to provide at least 100 days of guaranteed wage employment in a financial year to every rural household whose adult members volunteer to do unskilled manual work.
Topic: Banking System
8. India’s first sticker-based debit card has been launched by IDFC FIRST Bank.
- The bank said it has launched FIRSTAP, India’s first sticker-based debit card.
- It can be used to tap and pay in stores, restaurants, and all other places.
- The bank has launched the card in association with the National Payments Corporation of India.
- The card has been launched to facilitate transactions by simply tapping the sticker on a Near Field Communication enabled point-of-sale terminal.
- The sticker-based card is one third the size of a regular debit card.
- Customers can affix it on any surface, such as cell phones, identity cards, wallets, tabs, etc.
- Since the card can be used to tap and pay, it does away with the need to carry a debit card or adapting to wearable devices such as watches and rings or entering a UPI PIN after scanning a QR code.
- The sticker-based debit card allows touch-free transactions up to Rs 5,000 without a PIN, and for transactions above that, a tap and PIN is required.
- The sticker-based debit card comes with a complimentary personal accidental cover and other offers.
- IDFC FIRST Bank:
- It is an Indian Private Sector Bank. It started operations on 1 October 2015.
- It is headquartered in Mumbai. Its CEO is V. Vaidyanathan.
Topic: Indian Economy/Financial Market
9. India's unemployment rate declined to 7.2% in July-Sept 2022.
- According to the National Statistical Office, the Unemployment rate for persons aged 15 years and above has declined to 7.2% during July-September 2022 from 9.8% a year ago.
- The latest data of the unemployment rate is based on the periodic labor force survey.
- In July-September 2022, the unemployment rate among females (aged 15 years and above) in urban areas declined to 9.4 per cent from 11.6 per cent.
- Labour force participation rate in CWS (Current Weekly Status) in urban areas has increased to 47.9 percent in the July-September quarter of 2022. It was 47.5 percent in April-June 2022.
- The Unemployment rate is defined as the percentage of unemployed persons among the labor force.
- Labor force is the number of persons either employed or unemployed on average in a week.
Topic: Awards and Prizes
10. FICCI honoured Rajendra Singh Pawar with ‘Lifetime Achievement Award 2022’ at the 8th FICCI Higher Education Excellence Awards ceremony.
- 8th FICCI Higher Education Excellence Awards ceremony was held in New Delhi on November 17, 2022.
- Rajendra Singh Pawar is the Chairman and Founder of NIIT.
- The award recognizes his contribution and work in the field of education and creating IT Training industry.
- Pawar has been awarded the Padma Bhushan by the President of India in 2011.
- He has also been honoured as the ‘IT man of the Year’ by Dataquest (an IT industry journal) in 1998.
- FICCI Higher Education Excellence Awards were instituted in 2014.
- They were instituted to recognize and felicitate the achievements and excellent work done by the institutions and individuals in the higher education space.
- National Institute of Information Technology (NIIT):
- It was set up in 1981. It is headquartered in Gurgaon.
- NIIT has been featured as the only company in Educational Services Industry in the Fortune India 500 list 2020.
- It was recognised as “Best Education Company to work with” at Indian Education Congress & Awards 2022.