Topic: Regulatory Bodies/Financial Institutions
1. A centralised online platform for the sale of assets under the insolvency code is launched by the Insolvency and Bankruptcy Board of India (IBBI).
- As of November 1, IBBI has instructed Insolvency Professionals (IPs) to post information on any unsold assets related to the ongoing liquidation procedures on the eBKray platform.
- Additionally, for liquidation procedures starting on or after October 29, 2024, they have been instructed to list all assets within seven days of submitting the asset memoranda to the Adjudicating Authority (AA).
- IPs may sell assets on or after November 1st through the eBKray auction platform.
- The platform will be enhanced depending on user experience after being initially launched in pilot mode.
- Nowadays, auction platforms are used by liquidators to sell assets in a variety of liquidation procedures.
- Usually, a company's asset data are only disclosed when the auction notice is sent out.
- Because prospective buyers have less time to determine the worth of assets, this creates information asymmetry and frequently leads to poorer recovery rates.
- PSB Alliance Pvt Ltd (PSBA) is the owner and operator of the eBKray platform, which is an online listing and auction platform.
- A total of twelve public sector banks (PSBs) jointly own PSBA.
- PSBs presently use the platform to hold auctions in accordance with the SAREFAESI Act.
- Now, PSBA has created a module for the eBKray platform that makes it easier to sell and auction assets under IBC.
Topic: Indian Economy/Financial Market
2. September saw a slight increase in coal imports.
- India saw a little increase in thermal coal shipments in September.
- The third-largest energy user in the world will import more seaborne thermal coal in October in the current quarter.
- India imported 12.65 million tonnes (mt) of seaborne thermal coal in September, an increase of over 5% on a monthly basis, according to energy intelligence firm Kpler.
- The annual reduction in shipments was approximately 9%.
- The output for September increased by just 2.51% year over year to 68.96 mt.
- This came after an annual drop of 7.51% in August.
- In September 2024, India's total coal production increased by 2.51% year over year to 68.96 mt.
- The total amount of coal produced in India increased by 10.04 percent from August 2024.
Topic: Indian Economy/Financial Market
3. In H1FY25, India's steel trade deficit jumped to ₹19,404 crore.
- Value-wise, India's steel trade deficit for April–September 2024 has increased to ₹19,404 crore.
- Since the nation has been a net importer of steel, it has more than doubled from FY24 levels of ₹9,036 crore.
- With the trade surplus, India was a net exporter of steel over the previous years.
- Trade figures have been distorted by a combination of falling exports and increasing Chinese cargoes, particularly the route of the metal supplies via Vietnam.
- In terms of volume, imports for H1FY25 totaled 4.73 million tonnes (mt), up 42% year over year and worth ₹39,060 crore.
- Exports were worth ₹19,656 crore and were at 2.3 mt, a 36% decrease.
Topic: Indian Economy/Financial Market
4. NSE added 3 crore client accounts in only eight months and reached 20 crore client accounts.
- The National Stock Exchange of India (NSE) has surpassed 20 crore total client accounts.
- Maharashtra (3.6 crore accounts) leads the state-wise distribution.
- Maharashtra is followed by Uttar Pradesh with 2.2 crore and Gujarat with 1.8 crore.
- Rajasthan and West Bengal have nearly 1.2 crore accounts each.
- These top five states account about 50% of all client accounts.
- NSE’s registered investor base crossed the ten crore milestone on 8 August 2024.
- The growth in NSE accounts is attributable to digital transformation, mobile trading applications, and improved market access in tier 2, 3, and 4 cities.
- In 1994, NSE pioneered electronic trading in India. NSE maintains its position as India’s largest stock exchange by equity turnover.
- It ranks as the world’s largest derivative exchange by trading volume for 2023 as per the Futures Industry Association.
- It holds the 3rd position globally in equity segment by number of trades, according to World Federation of Exchanges statistics.
Topic: Indian Economy/Financial Market
5. In September 2024, India’s core sectors output has grown by 2%.
Topic: Appointments
6. Vipin Kumar became the new chairman of Airports Authority of India.
- Vipin Kumar has assumed the role of Chairman at the Airports Authority of India (AAI).
- Prior to this appointment, Vipin Kumar served as Additional Secretary in the Department of School Education & Literacy, Ministry of Education.
- His leadership will support the organization’s goals of expanding world-class airport infrastructure and enhancing air navigation services.
- The Airports Authority of India was established by an Act of Parliament on April 1, 1995.
- It was formed through the merger of the National Airports Authority and the International Airports Authority of India.
Topic: Banking System
7. Solex Energy has partnered with State Bank of India.
- This partnership is to provide finance for commercial, industrial, and institutional customers.
- Under the partnership, SBI will provide solar financing through loans up to Rs 10 crore for solar projects under its Surya Shakti Solar Finance Scheme.
- The partnership aims to make solar energy accessible and affordable.
- It also aims to make solar energy a driving force for India's renewable energy future.
- Solex Energy will provide end-to-end support to customers. This support will include site evaluation and design to obtaining regulatory approvals.
- SBI will offer a digital platform to ensure smooth loan application process for financing of solar projects.
- Tata Power Solar Systems Ltd (TPSSL) signed an agreement with ICICI Bank in August.
- This agreement was to provide financing for solar units to residential and corporate customers.
Topic: RBI
8. RBI has given its approval to Ujjivan Small Finance Bank for foreign exchange services.
- Ujjivan Small Finance Bank has received the 'Authorised Dealer Category 1 Licence', which will help it offer a range of forex products and services.
- Under Section 10(1) of the Foreign Exchange Management Act (FEMA), 1999, the license has been granted and will allow the bank to engage in a wide range of foreign exchange services and transactions.
- The Authorised Dealer Category 1 license enables USFBs to facilitate various foreign exchange operations such as remittance, international banking services and foreign exchange transactions for customers.
- This move is expected to significantly strengthen the Bank's ability to meet the needs of its customers in the areas of international trade and remittances.
- This license is subject to conditions imposed by RBI from time to time, but it is a big step towards expanding the services of the bank.
Topic: Miscellaneous
9. U.S., France, and Armenia emerged as India's top three defence export destinations.
- The U.S., France and Armenia are the top three destinations for the Indian military exports.
- India is currently exporting military equipment to more than 100 countries.
- The Defence Ministry has been pushing defence exports and manufacturing to improve domestic production of military equipment.
- India exports parts of aircraft and helicopters manufactured by Indian firms for global defence majors like Lockheed Martin and Boeing to the US.
- Software and electronic equipment are exported to France.
Topic: Appointments
10. The name of Ashok Chandra has been recommended by FSIB for the position of MD and CEO of Punjab National Bank.
- Ashok Chandra is currently working as Executive Director of Canara Bank.
- He started his career with erstwhile Corporation Bank in 1991 as Probationary Officer.
- He is also a Certified Associate of Indian Institute of Bankers.
- He will replace Atul Kumar Goel. Goel will retire in December.
- FSIB recommendation would require the final approval of the Appointments Committee of the Cabinet headed by PM.
- Financial Services Institutions Bureau (FSIB) selects the chiefs of public sector banks.
- FSIB is headed by former secretary, Department of Personnel and Training (DoPT), Bhanu Pratap Sharma.
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