Topic: Indian Economy/Financial Market
1. Maharashtra came at the first place in the list of states attracting most private equity investments in FY24 although overall investment declined.
- As per a report by Wealth 360, Mumbai was the leading city for investments with an investment of $7.3 billion.
- Maharashtra surpassed Karnataka in total money flow for FY 2023-24 in terms of private equity (PE) investments in India.
- In 2022-23, the list for maximum PE investments was topped by Karnataka.
- The report is named ‘India Invests’. The top five states to get investments from private equity funds are Maharashtra, Karnataka, Haryana, Delhi and Tamil Nadu.
- The top five cities that got the most PE investments are Mumbai, Delhi NCR, Bengaluru, Chennai and Pune.
- On the other hand, FY24 investments are up to 30% less than FY23 investments in most of the states.
- Mumbai surpassed Bengaluru in getting PE funds due to reduction in startup funding in FY24.
- According to the Ministry of Commerce and Industry, India has 1.7 lakh registered startups.
- Maharashtra has highest (5801) startups. It is followed by Delhi NCR (3150), Karnataka (3032) and Tamil Nadu (2810) startups.
- Chennai has entered new into the top cities list. It displaced Hyderabad.
- Tamil Nadu has made entry to the list by displacing Telangana and achieved the fifth spot in terms of volume.
Topic: Infrastructure and Energy
2. According to a report from CEEW Centre for Energy Finance (CEEW-CEF), 71% of the overall new power capacity addition in 2023-24 came from renewable energy sources.
- In FY24, net power generation capacity addition was 25.9GW. This was a considerable increase from the 16.6 GW addition in FY23.
- Renewable energy contributed 18.5 GW of new capacity to net power generation capacity addition in FY24.
- Renewable energy was followed by coal/lignite at 5.7 GW (22.1%).
- Nuclear power capacity (1.4 GW) was added for the first time since FY17.
- Chief source of renewable energy capacity additions in FY24 was solar (grid-scale and rooftop) power. It contributed 15GW (81.3%) as against 12.8GW in FY23.
- Wind energy capacity additions reached 3.3GW (17.6%), from 2.3GW in FY23.
- Small hydro and bio-power contributed 0.3% and 0.8%, respectively.
- In FY24, total installed capacity reached 442 GW. Renewables accounted for 143.6 GW (32.5%) and large hydro contributed 46.9 GW (10.6%).
- The share of coal declined below 50% to 49.2% (217.6 GW).
- As on 31 December 2023, 87.5 GW of renewable energy capacity is under construction.
- This includes 54.8 GW of solar, 19.2 GW of wind and 13.2 GW of hybrid capacity.
Topic: Regulatory Bodies/Financial Institutions
3. IIFCL Asset Management Company (AMC) and its 4 officials paid ₹1.02 crore to settle their case with SEBI.
- Last June, SEBI took action against them for violation of mutual fund regulation in four investments that were made by the fund house.
- SEBI settled the proceedings against them after they agreed on SEBI’s condition that the amount would not be borne by unit holders of IIFCL Mutual Funds schemes.
- In 2011 budget, government proposed to set up Infrastructure Debt Funds.
- The guidelines for Infrastructure Debt Funds-Mutual Funds were issued by SEBI in August 2011.
- IIFCL Mutual Fund was set up by India Infrastructure Finance Company.
- IIFCL Mutual Fund launched long term infrastructure debt funds of over 10 years.
- ₹1 crore is the minimum investment requirement. ₹10 lakh is the minimum unit size.
Topic: Miscellaneous
4. 'No Jhanjhat Life Insurance Fatafat' campaign has been announced by HDFC Life.
- This campaign will ensure a seamless and swift life insurance purchasing experience.
- HDFC Life also offers customisable plans like the Click2Achieve.
- India has very low penetration of life insurance, just 3.2 per cent.
- HDFC Life is a life insurance provider. It is headquartered in Mumbai. Vibha Padalkar is its MD and CEO.
Topic: Appointments
5. The re-appointment of Atanu Chakraborty as HDFC Bank’s part-time Chairman has been approved by RBI.
- He has been serving as HDFC Bank’s part-time Chairman and Independent Director since May 2021.
- RBI has approved his reappointment for three years with effect from 5 May. He served as IAS in Gujarat cadre.
- HDFC Bank is headquartered in Mumbai. It was founded in 1994. The CEO of HDFC Bank is Sashidhar Jagdishan.
Topic: RBI
6. RBI has imposed monetary penalty on three cooperative banks.
- The names of three cooperative banks are Lokmangal Co-operative Bank, The Udgir Urban Co-operative Bank, and The Satara Sahakari Bank.
- RBI has imposed monetary penalty of Rs 5 lakh on Lokmangal Co-operative Bank.
- Lokmangal Co-operative Bank did not carry out periodic review of risk categorisation of accounts.
- It did not carry out periodic updation of KYC as per the risk categorisation of the customers.
- RBI has imposed Rs 2 lakh penalty on The Satara Sahakari Bank and Rs 1 lakh penalty on The Udgir Urban Co-operative Bank.
Topic: MoUs/Agreements
7. NPCI International Payments Ltd. (NIPL) and Bank of Namibia have signed an agreement.
- As part of the agreement, NIPL will support Bank of Namibia in developing United Payment Interface (UPI)-like instant payment system for Namibia.
- The aim of the partnership is to enhance digital financial services and improve real-time Person-to-Person (P2P) as well as Merchant payment transactions (P2M) in Namibia.
- Through this agreement, Bank of Namibia will have access to best technology from NIPL.
- Bank of Namibia Governor Johannes Gawaxab said "Our objective is to achieve full interoperability of payment instruments by 2025.”
- NPCI International Payments Ltd. (NIPL) is the international arm of the National Payments Corporation of India (NPCI).
Topic: RBI
8. Reserve Bank of India (RBI) recovered 98% of Rs 2,000 notes in circulation.
- As per the new update from RBI, 97.76% of the Rs 2,000 currency notes in circulation have returned to the banking system.
- Only Rs 7,961 crore worth of the withdrawn notes are still with the public.
- As per the RBI, the total value of Rs 2,000 banknotes in circulation has declined from Rs 3.56 lakh crore on May 19, 2023, to just Rs 7,961 crore as of 30 April 2024.
- Rs 2,000 banknotes are still considered legal tender. If the receiving party accepts then it can be used for transactions.
- After the demonetization, Rs 2,000 banknotes were introduced in November 2016. Its main aim was to meet the currency demands at the time.
- The printing of Rs 2,000 banknotes has been discontinued from the fiscal year 2018-19.
Topic: Miscellaneous
9. India and Nigeria agreed to enhance cooperation in Local currency settlement.
- India and Nigeria have identified areas like Unified Payments Interface (UPI), local currency settlement system to enhance cooperation.
- They also agreed on the early conclusion of the Local Currency Settlement System Agreement.
- A seven-member delegation from India discussed issues related to cooperation during its recent visit to Nigeria.
- Indian delegation consisted of officials from the Reserve Bank of India (RBI), EXIM Bank of India and National Payments Corporation of India (NPCI).
- Nigeria is the second largest trading partner of India in the Africa region.
- India and Nigeria's bilateral trade has declined from $11.8 billion in 2022-23 to $7.89 billion in 2023-24.
- Around 135 Indian companies are actively working in Nigeria with an investment of $27 billion.
Topic: Banking System
10. ICICI Bank achieved market capitalisation of Rs 8.14 trillion.
- Its shares reached an all-time high of Rs 1,163 apiece. Its shares increased by over 5%.
- It has become one of the top five companies by market value.
- ICICI Bank has become the second bank to cross this milestone. HDFC Bank is the first bank.
- The position of Reliance Industries as the most-valued Indian company continues. Its market capitalisation is Rs 19.8 trillion.
- It is followed by Tata Consultancy Services (TCS) with market capitalisation of Rs 14 trillion.
- Among banks, HDFC Bank comes at first with a market cap of Rs 11.6 trillion.
- It is followed by SBI with market value of Rs 7.4 trillion.
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