1. Anwar Hussain Shaik has been made the chairman of World Trade Organisation’s Committee on Technical Barriers to Trade.
- Mr. Shaik is an Indian Government Officer. Mr. Shaik will succeed Mexico's Elisa Maria Olmeda de Alejandro in this post.
- The aim of the Technical Barriers to Trade (TBT) Agreement is to ensure that technical regulations, standards, and conformity assessment procedures are non-discriminatory.
- The TBT Agreement also aims to ensure that they do not create unnecessary trade barriers.
- The TBT Committee's work is divided into two categories: reviewing specific measures and strengthening the TBT Agreement's implementation.
- This committee is used by WTO members to discuss specific trade concerns, laws, regulations, or procedures.
- World Trade Organization:
- It is a 164-member multinational organisation that develops rules for worldwide exports and imports and settles trade disputes between countries.
- Since 1995, India is a member of the World Trade Organization.
- It is headquartered in Geneva, Switzerland. It was founded on 1 January 1995.
Topic: Indian Economy/Financial Market
2. Cabinet has given approval to sale of government’s remaining 29.5% stake in Hindustan Zinc.
- Hindustan Zinc was privatized in 2002. Its management was transferred to Vedanta group subsidiary Sterlite.
- Government has withdrawn its decision to sell 53% stake in BPCL.
- The Government has decided to call off the present Expressions of Interest process for the strategic disinvestment of BPCL.
- This is 3rd strategic disinvestment proposal, which has been called off in the current fiscal.
- Earlier, strategic disinvestment of Pawan Hans was put on hold and transaction for Central Electronics (CE) was deferred.
- Bharat Petroleum Corporation Limited (BPCL) is the second-largest oil company in India and it has the third-largest refining capacity.
3. Licences of five NBFCs have been cancelled by RBI due to irregular lending practices.
- UMB Securities, Anashri Finvest, Chadha Finance, Alexcy Tracon and Jhuria Financial Services are the NBFCs whose CoRs were cancelled.
- The licences of NBFCs have been cancelled for violating RBI guidelines on outsourcing and Fair Practices Code in their digital lending operations.
- As per RBI, these five NBFCs will not carry out the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the RBI Act, 1934.
- Section 45-IA of the RBI Act, 1934 makes it mandatory for a company to take Certificate of Registration (CoR) from RBI to carry on business of a non-banking financial institution.
- Non-Banking Financial Companies (NBFCs):
- NBFCs are companies registered under the Companies Act, 1956 and regulated by RBI under RBI Act, 1934.
- NBFCs are not allowed to accept demand deposits. They are different from banks.
Topic: Reports and Indices
4. As per RBI’s annual report 2021-22, value and volume of banknotes in circulation grew by 9.9% and 5%, respectively, during 2021-22.
- The value and volume of banknotes in circulation grew by 16.8% and 7.2%, respectively, during 2020-21.
- The value and volume of ₹2,000 banknotes declined. RBI has not printed ₹2,000 banknotes for the fourth year.
- In 2021-22, banknotes in circulation totaled to 13.05 lakh in volume terms and ₹31,05,721 crore in value.
- The report said that in value terms, the share of ₹500 and ₹2,000 banknotes is 87.1% of total value of banknotes in circulation as on March 31, 2022.
- In terms of volume, the ₹500 denomination accounted for the highest share at 34.9% of the total banknotes in circulation as on March 31, 2022.
- ₹10 denomination banknotes accounted for second highest share at 21.3 % of the total banknotes in circulation as on March 31, 2022.
- RBI conducted a banknote survey of consumers, which found that among banknotes, ₹100 was the most preferred, while ₹2,000 was the least-preferred denomination.
- The report says that among coins, denomination of ₹5 was the most preferred, whereas ₹1 was the least preferred.
- The most recognized security features are Watermark of Mahatma Gandhi’s image followed by windowed security thread.
5. Minimum net worth requirement for non-bank BBPOUs has been reduced by RBI from ₹100 crore to ₹25 crore.
- RBI’s step is aimed at encouraging participation of more non-bank Bharat Bill Payment Operating Units (BBPOUs) in BBPS.
- Bharat Bill Payment System (BBPS) is a system that offers interoperable and accessible bill payment service to consumers.
- BBPS offers these services through digital bank channels as well as through a network of agents and bank branches.
- RBI said BBPS will include activities to facilitate collection of repetitive payments for everyday utility services.
- The scope of BBPS will be gradually will extended to cover services such as school / university fees, municipal taxes etc. as decided by RBI.
Topic: Banking System
6. Indian Bank and Northern Arc Capital has entered into a strategic partnership.
- The partnership will enable them to widen their respective markets and customer base.
- The partnership will also enable them to collaborate, co-operate and co-lend loans.
- Indian Bank would get access to Northern Arc’s n-POS platform.
- Northern Arc Capital is a non-banking finance company (NBFC) focused on under-served households and businesses.
- Indian Bank:
- It was founded in 1907. Its headquarters are in Chennai. Shanti Lal Jain is its MD & CEO.
- From 1 April 2020, Allahabad bank has been merged with Indian Bank.
7. CoinDCX has launched a new feature called ‘Earn’.
- Earn is a feature through which customers can earn interest on their crypto assets.
- It has no lock-in-period. It allows withdrawals at any time. Registration and KYC compliance are needed to use the product.
- Recently, CoinDCX launched its Crypto Investment Plan (CIP). In CIP, one can invest a fixed amount in crypto at regular intervals.
- CoinTracker has started operations in India. It is crypto tax compliance and portfolio tracking firm.
Topic: Banking System
8. Japan's MUFG Bank has received approval to establish a branch at GIFT City.
- The Bank will start lending operations in foreign currencies from the GIFT-IFSC at GIFT City in Gujarat.
- Mitsubishi UFJ Financial Group, Inc. (MUFG)'s MUFG Bank has received approval from International Financial Services Centres Authority (IFSCA).
- The branch is scheduled to open in the first half of fiscal 2022.
- MUFG Bank has five branches in India. GIFT Branch will be its sixth branch in India.
- In March 2022, MUFG Bank has announced setting up of a $300-million investment fund MUFG Ganesha Fund for startups in India.
9. NCDEX Commodities Award 2022 given in Mumbai on 26 May 2022.
- NCDEX recognized The Hindu BusinessLine as the best daily in covering commodities in the print media at the NCDEX Commodities Award 2022.
- In the regional category, Agrowon Sakal and NafaNuksaan were given award for their news coverage in the commodity section.
- Zee Business and CNBC Awaaz won the award in television category.
- At NCDEX Commodities Award 2022, Kotak Bank was awarded for its significant contribution to the exchange business.
- In the electronic negotiable warehouse receipts area, Punjab National Bank and ICICI Bank were recognized as emerging banks.
- ITC, Ruchi Soya and Rajasthan Gums were recognised for their best price risk management policy among corporates.
- Total 58 entities and individuals won awards in different categories.
- Tata Mutual Fund and Alpha Alternatives were the winners for contribution in helping Farmer Producer Organization (FPOs).
10. AAROHAN 4.0 started on 26 May 2022 in Shimla, Himachal Pradesh.
- AAROHAN 4.0 is two day long meet of senior functionaries of Postal Department and India Post Payments Bank (IPPB).
- Ways to further deepen Financial Inclusion drive in the country and to provide banking solutions to every citizen of India were on the agenda of the meeting.
- India Post Payments Bank (IPPB) has been set up under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India.
- IPPB was launched by Prime Minister Shri Narendra Modi on September 1, 2018.