Banking, Financial and Economic Awareness

Topic: Banking System

1. LIC picks up 17.80 % of shares in Indian Bank issued under qualified institutional placement (QIP).

  • LIC has picked up 17.80 % of shares in Indian Bank issued under qualified institutional placement (QIP).
  • LIC was followed by SBI Life Insurance (11.87%), Societe Generale and its various schemes (9.74%) and Canara Bank, which subscribed to 5.93% of shares offered in the issue.
  • Indian Bank raised a total of ₹1,650 crore in its QIP of shares.
  • In March 2021, its board’s committee on capital raising had given approval for raising equity capital up to ₹4,000 crore through QIP in one or more tranches.
  • Qualified Institutional Placement (QIP) is a way of raising funds. QIPs can be issued to Qualified Institutional Buyers (QIBs) like Schedule Commercial Banks, Mutual Funds and FIIs.
  • Societe Generale is a French multinational investment bank.

Topic: RBI

2. RBI extends validity of its Directions to PMC Bank till 31 December 2021.

  • RBI has extended the validity of its Directions to Punjab and Maharashtra Co-operative (PMC) Bank till 31 December 2021.
  • The directions were earlier valid till July 1. RBI has said that it has received certain proposals for the reconstruction of PMC Bank.
  • The proposal from Centrum Financial Services Ltd. (CFSL) and Resilient Innovation Pvt. Ltd. (BharatPe) has been found prima facie feasible.
  • On June 18, 2021, RBI has granted in principle approval to CFSL to set up a small finance bank (SFB). This approval is valid for 120 days.
  • CFSL and BharatPe, equal partners in the proposed SFB. They will commit ₹900 crore to joint venture in the first year.
  • The minimum paid-up net worth requirement for starting an SFB is only ₹200 crore.
  • RBI has limited withdrawals from PMC Bank at ₹1 lakh per depositor. The bank is under RBI’s directions with effect from September 23, 2019.

Topic: Miscellaneous

3. India’s crude steel output registers 46.9% year-on-year growth.

  • India’s crude steel output has registered 46.9% year-on-year growth as per worldsteel data.
  • As per the data, India registered steel output at 9.2 million tonnes (MT) in May. It had produced 5.8 MT steel in the same month a year ago.
  • China remained at the top in the production of steel in May. It registered a 6.6% year-on-year growth in output at 99.5 MT during May.
  • World Steel Association (worldsteel) is an association of iron and steel industry. It is headquartered in Brussels, Belgium. Its members constitute 85% of global steel production.

Topic: Indian Economy/Financial Market

4. India’s coal import increases 30.3% to 22.27 million tonnes in April 2021.

  • India’s coal import has increased 30.3% to 22.27 million tonnes in April 2021.
  • India had imported 17.09 million tonnes of coal in April 2020 as per a provisional compilation by mjunction services.
  • Mjunction is a joint venture between Tata Steel and SAIL. It is a B2B e-commerce company.
  • Total coal and coke imports stood at 215.92 MT, about 12.6% lower than 247.10 MT imported during FY’20.

Topic: Agriculture

5. Sangli farmers export fibre and mineral-rich ‘Dragon Fruit’ to Dubai.

  • Sangli farmers have exported fibre and mineral-rich ‘Dragon Fruit’ to Dubai.
  • The consignment of dragon fruit for exports was from farmers of Tadasar village in Sangli district, Maharashtra.
  • Sangli farmers are known for the cultivation of sugarcane, grapes, pomegranates and turmeric.
  • Hylocereus undatus is the scientific name of dragon fruit. It is also called Kamalam as its spikes and petals resemble lotus.
  • It is grown in countries such as Malaysia, Thailand, the Philippines, the US and Vietnam. Its production in India started in 1990s.

Topic: Miscellaneous

6. Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME-II) scheme extended for 2 years.

  • Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME-II) scheme has been extended by the government for 2 years.
  • After the extension, FAME India Phase II (FAME-II) scheme has been extended up to March 31, 2024.
  • FAME India Phase II (FAME-II) scheme was implemented for three years from April 1, 2019.
  • Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme was launched in the year 2015.

Topic: Appointments

7. Meenesh Shah given additional charge as NDDB’s Chairman.

  • National Dairy Development Board (NDDB)'s executive director, Meenesh Shah has been given additional charge of its Chairman for six months.
  • He took over additional charge effective from June 1, 2021 after Varsha Joshi’s tenure ended on May 31, 2021.
  • Meenesh Shah is member secretary of the Indian National Committee (INC) of International Dairy Federation (IDF).
  • Meenesh Shah is also a member of the standing committee on dairy policy and economics of International Dairy Federation (IDF).
  • National Dairy Development Board (NDDB) was founded in 1965. It is headquartered in Anand, Gujarat. It is a statutory body. Mother Dairy is its subsidiary.

 

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