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.
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.
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.
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.
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.
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.