Topic: RBI
1. Instructions on governance for banks issued by RBI.
- Instructions on governance for banks have been issued by RBI.
- The instructions are meant for private sector banks, small finance banks (SFBs) and wholly owned subsidiaries of foreign banks.
- Foreign banks operating as branches in India will not come under the instructions issued by RBI.
- The instructions have come into effect from the date of issue of the circular. But, banks have been allowed to comply with instructions by October 01, 2021.
- As per RBI, the same incumbent cannot hold the post of MD & CEO or whole-time director for more than 15 years.
- MD & CEO or whole-time director who is also a promoter/ major shareholder cannot hold posts for more than 12 years.
- RBI has said that an individual will be eligible for reappointment on the post of MD & CEO or whole-time director after a minimum gap of three years.
- Individuals will be eligible for reappointment if the board considers the reappointment necessary and desirable.
- RBI has allowed the upper age limit for MD & CEO and whole-time director to continue at 70 years.
- Boards of banks can prescribe a lower retirement age for MD & CEO and whole-time director.
Topic: Appointments
2. Arun Raste to be appointed as new MD & CEO of NCDEX.
- Arun Raste will be appointed as the new Managing Director and CEO of National Commodity and Derivatives Exchange Ltd (NCDEX) for five years.
- His appointment has been approved by the Securities and Exchange Board of India (SEBI).
- At present, he is the Executive Director of the National Dairy Development Board (NDDB).
- He had also served as director of the Mother Dairy Fruit & Vegetable Pvt Ltd.
- National Commodity and Derivatives Exchange Ltd (NCDEX):
- It was formed in 2003 as a public limited company.
- It is an online commodity exchange platform.
- It brings buyers and sellers together through its electronic trading platform.
Topic: RBI
3. FIDC request postponement of guidelines for appointment of statutory auditors of banks and non-banking finance companies (NBFCs).
- Finance Industry Development Council (FIDC) has requested RBI to postpone guidelines for the appointment of statutory auditors of banks and NBFCs to April 1, 2022.
- Finance Industry Development Council (FIDC) is a representative body of assets and loan financing NBFCs.
- FIDC has said that postponement will ensure smooth implementation and minimum disruption. FIDC has also suggested RBI reduce the cooling period from six years to five years.
- On 27 April, RBI had issued guidelines for the appointment of statutory auditors for commercial banks, urban cooperative banks (UCBs) and NBFCs for the financial year 2021-22 and onwards.
Topic: Appointments
4. T V Somanathan designated as new Finance Secretary.
- T V Somanathan has been designated as the new Finance Secretary.
- As per the order issued by Personnel Ministry, Appointments Committee of the Cabinet has approved his appointment as Finance Secretary.
- He has been serving as Secretary, Department of Expenditure in Ministry of Finance since December 2019. He is a 1987 batch IAS officer of Tamil Nadu cadre.
- The senior-most officer among all the secretaries in the Ministry of Finance is designated as the Finance Secretary.
Topic: Indian Economy
5. Anti-dumping duty imposed on imports of TDI.
- Anti-dumping duty has been imposed on imports of Toluene Diisocyanate (TDI) from the Chinese Taipei, EU, Japan, South Korea and US.
- Directorate General of Trade Remedies (DGTR) has recommended the imposition of TDI imports from these countries in January 2021. Now, Finance Ministry (Revenue Department) has imposed it.
- The petition for anti-dumping duty on TDI imports from these countries was filed by Narmada Chematur Petrochemicals Ltd.
- Narmada Chematur Petrochemicals Ltd is the only producer of TDI in India.
- TDI is an organic chemical used in the production of flexible polyurethane foam, which is used in products such as bedding, furniture, automotive interiors, carpet underlay and packaging.
Topic: MoUs/Agreements
6. Customs co-operation agreement with the UK approved by Union Cabinet.
- Union Cabinet has approved customs co-operation agreement with the UK.
- The signing and ratification of an agreement between India and the UK on Customs Cooperation and Mutual Administrative Assistance in Customs Matters has been approved by Union Cabinet.
- It will help in the availability of relevant information for the prevention of customs offences.
- Mutual administrative assistance in customs matters is covered under the agreement.
Topic: Miscellaneous
7. Marine Products Export Development Authority certifies SVR Hatcheries.
- Marine Products Export Development Authority (MPEDA) has certified SVR Hatcheries in the East Godavari District of Andhra Pradesh.
- SVR Hatcheries has become the first shrimp hatchery in India to get SHAPHARI certification for antibiotic-free seed production.
- SHAPHARI certification helps farmers in finding good quality shrimp seed producers. It benefits certified hatcheries by higher demand for their seeds among the farmers.
- Marine Products Export Development Authority (MPEDA) is a statutory body. It was established in 1972. K S Srinivas is its chairman.
Topic: Indian Economy
8. India’s GDP growth is expected to recover to 11% in current fiscal.
- As per Asian Development Bank, India’s GDP growth is expected to recover strongly to 11% in the current fiscal.
- In its latest Asian Development Outlook (ADO), ADB expects India’s economic growth to slow to 7% in FY 2022.
- Strong recovery in the current fiscal will be due to continued economic recovery driven by increased public spending, vaccine launch and a rise in domestic demand.
- In FY2022, Inflation is projected to decrease to 4.8%. ADB said that this would help RBI in maintaining an accommodative stance.
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