Banking, Financial and Economic Awareness of 27 and 28 July 2021

Topic: Agriculture

1. Pulses production in MP declines from 2017-2018.

• Pulses production in Madhya Pradesh has declined from 81.11 lakh tonnes (lt) in 2017-18 to 43.64 lt in 2020-21.
• Pulses production in other major states such as Maharashtra, Rajasthan, Karnataka and Gujarat increased from 2016-17 and 2020-21.
• Pulses production has been increasing during the last three years - from 2018-19 to 2020-21. It increased from 220.75 lt in 2018-19 to 255.75 lt in 2020-21.
• Government is implementing National Food Security Mission (NFSM) - Pulses programme to increase pulses production.
• Under this programme, Government provides support for breeder seed production of pulses.
• A new scheme ‘Intercropping of pulses with sugarcane’ was implemented in certain states.

Topic: Reports and Indices

2. India’s first intelligent electric scooter manufacturer Ather Energy releases its first Impact Report.

• India’s first intelligent electric scooter manufacturer Ather Energy has released its first Impact Report.
• Ather Energy is the second automotive company globally, after Tesla, to release an Impact Report.
• The report shows that in 2019-20, Company’s vehicles saved 7.5 metric tons of CO₂ emissions.
• Aspire Impact, a social enterprise focused on impact leadership and impact ecosystem development, has done impact assessment.
• An Impact Report is a detailed analysis of a company’s efforts that creates a change in the ecosystem around them.

Topic: Miscellaneous

3. ONGC and Coast Guard prevent accident of LPG Tanker ‘Gas Yodla’.

• ONGC and Coast Guard prevented the accident of LPG Tanker ‘Gas Yodla’, which started drifting in the sea after reporting engine failure.
• Dubai-headquartered M/s Shield Marine owns the vessel. It was on its way to Fujairah, UAE from Mongla, Bangladesh.
• The accident was prevented using ONGC’s Offshore Supply Vessel (OSV) ‘Sagar Pride’, Vessel ‘P R Nayak’, Multi Supply Vessel (MSV) ‘Seamec-3’, tugboat ‘Saroja Blessing’, ‘Water Lilly’ tugboat from DG shipping and Coast Guard Ship ‘Sankalp’.

Topic: Miscellaneous

4. Factoring Regulation (Amendment) Bill 2020 passed by Lok Sabha.

• Factoring Regulation (Amendment) Bill 2020 has been passed by Lok Sabha. The bill widens the scope of entities that can be allowed to do factoring business.
• Under the provisions of the bill, non-NBFC factors and other entities will be able to take part in factoring activities.
• The bill was introduced in Lok Sabha in September last year. Its purpose was to liberalise the restrictive provisions in the Act and to ensure that a strong regulatory/oversight mechanism is in place through RBI.
• In factoring, an entity (like MSMEs) ‘sells’ its receivables (dues from a customer) to a third party (a ‘factor’ like a bank or NBFC) for immediate funds.
• Currently, seven non-bank finance companies called NBFC factors do the majority of the factoring.
• They are Canbank Factors, India Factoring and Finance, SBI Global Factors, Siemens Factoring, Bibby Financial Services, IFCI Factors and Pinnacle Capital Solutions.

Topic: Regulatory Bodies/Financial Institutions

5. Board of Port Authority to fix tariffs, which will act as a reference during bidding for PPP projects.

• Board of Port Authority, formed under the Major Ports Authority Bill 2020, will now fix tariffs, which will act as a reference during bidding for public-private-partnership (PPP) projects.
• Tariff Authority for Major Ports (TAMP) will no longer fix tariffs at the 12 major ports under Central government control.
• The validity of the Reference Tariff Guidelines of TAMP was extended up to March 8, 2021, or until further orders, whichever is earlier.
• As per Ministry of Shipping’s annual report, TAMP has been dispensed with.
• For carrying out the residual function of the erstwhile TAMP, an adjudicatory board has been proposed.
• These functions include looking into disputes between ports and PPP concessionaires, reviewing stressed PPP projects and suggesting measures to revive such projects, and looking into complaints over services rendered by ports and the private operators operating within them.
• Tariff Authority for Major Ports (TAMP) was created in 1997 through an amendment to the Major Port Trusts Act, 1963.

Topic: Corporates/Companies

6. HDFC Bank, ICICI Bank and Axis Bank acquire stake in blockchain technology focused start-up IBBIC Pvt Ltd.

• HDFC Bank, ICICI Bank and Axis Bank have acquired a stake in blockchain technology focused start-up IBBIC Pvt Ltd.
• HDFC Bank and Axis Bank have acquired 50,000 equity shares amounting to a 5.55 % stake in IBBIC.
• ICICI Bank has subscribed to 49,000 fully paid-up equity shares of face value ₹10 each of IBBIC.
• IBBIC was incorporated in May this year as a financial technology company. About 15 banks have come together to set up IBBIC.

Topic: Banking System

7. ESAF Small Finance Bank files DRHP with SEBI for IPO.

• ESAF Small Finance Bank has filed its draft red herring prospectus (DRHP) or offer document with SEBI for initial public offering (IPO).
• The IPO comprises fresh issue of ₹8 billion worth of ESAF Small Finance Bank shares. It also comprises of an offer for sale of ₹2 billion worth of shares by its promoters.
• In April, ESAF Small Finance Bank raised ₹1.62 billion through preferential allotment of 21.8 million equity shares.

Topic: Infrastructure and Energy

8. NTPC installs a new unit of 800 megawatts (MW) at Darlipali in Odisha.

• NTPC has installed a new 800 megawatts (MW) unit at Darlipali in Odisha.
• With the installing of a new unit, NTPC’s installed capacity has touched 66,875 MW.
• NTPC Ltd is India’s largest integrated energy company. Currently, it has 71 power stations.
• NTPC aims to install 60 gigawatts (GW) of renewable energy capacity by 2032.

Topic: Corporates/Companies

9. India’s first green hydrogen plant to be built at Mathura Refinery.

• Indian Oil Corporation (IOC) will build India’s first green hydrogen plant at Mathura Refinery.
• Indian Oil is also in the process of setting up 1 tonne per day capacity pilot plants based on innovative hydrogen production technologies.
• Shrikant Madhav Vaidya, Chairman, IOC said that company will add 25 million tonnes (mt) of refining capacity by 2023-24.
• Indian Oil Corporation is one of the Maharatna public sector company. It is the largest commercial oil company in India. Its headquarters is located in New Delhi. It was formed in 1959.

Read Banking Awareness PDF -27 and 28 July 2021