Topic: Infrastructure and Energy
1. Maximum number of delayed projects are in the road transport and highways sector as per a government report.
- More than 262 of 835 projects in the road transport and highways sector are delayed.
- 115 projects out of 173 projects are delayed in Railways.
- For petroleum, 89 out of 140 projects are delayed, as per the latest flash report on infrastructure projects for September 2022.
- As per the report, Muneerabad-Mahaboobnagar rail project is the most-delayed project.
- Udhampur-Srinagar-Baramulla rail project is the second-most delayed project.
- Belapur-Seawood-Urban Electrified Double Line is the third-most delayed project.
- The report says that expenditure incurred on 835 projects in the road transport and highways sector till September 2022 is 61.2% of the anticipated cost.
- For the Railways, the expenditure incurred on 173 projects till September 2022 is 56.2% of their anticipated cost.
- In the petroleum sector, the expenditure incurred on 140 projects till September 2022 is 36% of their anticipated cost.
- Infrastructure and Project Monitoring Division (IPMD) under the Ministry of Statistics and Programme Implementation monitors central sector infrastructure projects costing ₹150 crore and above.
Number of delayed projects
Expenditure incurred till September 2022 (as percentage of anticipated cost)
Road transport and highways sector
262 out of 835 projects
115 out of 173 projects
89 out of 140 projects
2. Railways Ministry has decided to stop physical processing of files.
- It has announced that communication of the Railway Board and Zonal Railways will only be through its e-office platform.
- The Ministry said only classified documents and certain Parliament matters are allowed to be processed in physical form.
- The new paperless system will be fully implemented from November 1.
- No physical letters or files will be entertained in the Railway Board.
- Vigilance cases can continue in physical form till further advice.
3. Export of agri products have grown 25% to $13.8 billion in first half of FY23.
- Exports of agriculture and processed products have increased to $13.77 billion during H1 FY23 from $11.06 billion year-ago.
- Despite ban being imposed on wheat exports from May 13, its export has recorded 136% growth at $1.49 billion during H1 of the current fiscal.
- Other cereals, including maize (excluding rice, wheat) increased by 12% to $ 525 million.
- Export of buffalo meat has also increased. It has 12% share in APEDA basket.
- Pulses shipments have grown to $330 million. Processed fruits and vegetables have registered 19% growth to $695 million.
- Guar gum export has registered 92% growth at $344 million in H1 of current fiscal.
- Agricultural and Processed Food Products Export Development Authority (APEDA) is mandated for the promotion of all agri products, generally divided under 27 categories, except tea, coffee, spices, and marine products.
- APEDA’s share in the entire export in agriculture and allied sector is more than 50%.
Topic: Regulatory Bodies/Financial Institutions
4. SEBI has reduced the face value of debt security from the current ₹10 lakh to ₹1 lakh.
- It has also reduced the face value of non-convertible redeemable preference share issued on private placement basis from the current ₹10 lakh to ₹1 lakh.
- The face value has been reduced to enhance liquidity in the corporate bond market.
- The new guidelines will be effective from January 1, 2023.
- The issuer will have the option at the time of raising funds through tranche placement memorandum to keep the face value at ₹10 lakh or ₹1 lakh with respect to shelf placement memorandum which is valid as on January 1, 2023.
- Face value is the money amount promised to the holder of the bond upon the maturity of the bond.
5. RBI Governor Shaktikanta Das has called for stronger oversight and monitoring of outsourced functions.
- He was speaking at the annual conference of RBI Ombudsmen on 28 October 2022 in Jodhpur.
- ‘Excellence in Customer Service in the Changing Paradigm of Financial Services’ was the theme of the address.
- He said that RBI Ombudsmen and regulated entities must identify the root causes of persisting customer complaints.
- He asked them to take necessary systemic measures to correct them.
- He mentioned RBI has set up a high-level committee earlier this year for the review of ‘Customer Service Standards in RBI Regulated Entities’.
- This committee is chaired by B P Kanungo, former Deputy Governor of RBI.
Topic: Banking System
6. Karnataka Vikas Grameena Bank (KVG Bank) has renewed its bancassurance agreement with LIC.
- KVG Bank and LIC have renewed their agreement through an MoU for bancassurance partnership.
- The bank will market LIC’s products via its branches spread across nine districts in the Karnataka.
- Karnataka Vikas Grameena Bank (KVG Bank) is an Indian Regional Rural Bank sponsored by Canara Bank.
7. RBI cancelled Certificate of Authorisation (CoA) of GI Technology Private Limited.
- RBI cancelled the CoA over governance concerns and non-compliance with regulatory requirements.
- GI Technology cannot carry out the business of issuance and operation of prepaid payment instruments.
- GI Technology Private Limited is a Chennai-based company involved in issuance and operation of prepaid payment instruments (PPIs).
8. Alter has been acquired by Google.
- According to a report, this is Google’s eighth major acquisition this year.
- Alter is an AI avatar start-up for creators to express their virtual identities.
- It started as Facemoji to offer game and App developers add avatar systems to their apps.
9. Elon Musk buys Twitter in a $44 billion deal.
- Elon Musk, CEO of Tesla, became the new owner of Twitter.
- After six months of public and legal wrangling over the deal, Elon Musk completed the acquisition of Twitter.
- Elon Musk promised many new changes, including new leadership, job cuts, and the pursuit of new ways to make money.
- After the deal, Twitter CEO Parag Agrawal, chief executive Ned Segal and chief financial officer Vijaya Gadde were fired.
- The shareholders will be paid $54.20 per share and Twitter will now operate as a private company.
- It is an American social networking and microblogging service.
- Its founders are Jack Dorsey, Biz Stone, Evan Williams, and Noah Glass.
- Its headquarters is located in San Francisco, California, United States.