Banking, Financial and Economic Awareness
1. Harun Rashid Khan appointed as the first chairman of the steering committee of CRL in micro-credit industry
- He was the deputy governor of the Reserve Bank of India (RBI) between 2011 and 2016.
- Harsh Shrivastava of MFIN, P Satish of Sa-Dhan, Srinivas Bonam of IndusInd Bank and Sonia Krishnankutty of L&T Finance are some members of this committee.
- MFIN, Sa-Dhan and FIDC:
- Micro-finance Institutions Network (MFIN) is a self-regulatory organization of the country’s main microfinance institutions.
- Sa-Dhan is an RBI-recognised association of MFIs (Microfinance Institutions).
- Finance Industry Development Council (FIDC) is an association of Non-Banking Financial Companies (NBFCs).
- Code for Responsible Lending (CRL) in micro-credit industry:
- It is a self-regulatory initiative that aims at protecting customers by making banks, NBFC-MFIs and NBFCs adhere to certain standards.
- It was introduced in September by MFIN, Sa-Dhan and FIDC.
2. Bhuwan Chandra to be new CFO of Indian Overseas Bank (IOB)
- He will be the Chief Financial Officer (CFO) of IOB from December 1.
- Presently, he is the General Manager of IOB.
- He was the Chief Representative of IOB for Gulf Cooperation Council (GCC) countries from 2013 to 2016.
- Radha Venkatakrishnan is the current CFO of IOB.
- Indian Overseas Bank (IOB):
- Headquarters: Chennai
- CEO: Shri Karnam Sekar
- Tag line/ Slogan: Good People to Grow With
3. INR 3,200 crore loan for Patanjali Ayurved
- State Bank of India led consortium of banks will provide ₹3,200-cr loan to Patanjali Ayurved for acquiring debt-laden Ruchi Soya.
- Patanjali Ayurved's resolution plan for acquisition of Ruchi Soya was approved by National Company Law Tribunal (NCLT) in September 2019
- In December 2017, National Company Law Tribunal ordered initiation of Corporate Insolvency Resolution Process (CIRP) against Ruchi Soya under Insolvency and Bankruptcy Code (IBC), 2016.
- National Company Law Tribunal (NCLT):
- NCLT was formed under the provisions of Companies Act, 2013.
- NCLT adjudicates cases filed under IBC, 2016.
- At present, NCLT is having 15 benches, 16 judicial members and 9 technical members.
- Mahesh Mittal Kumar is its current chairman.
4. 4.5% GDP growth rate during July-September quarter lowest in six years
- The GDP growth rate for the July-September quarter is 4.5%, while during the July-September quarter of 2018-19, it was 7 %.
- During the January-March quarter of 2012-13, it was 4.3 %.
- According to experts, the decline in consumption expenditure and exports are the reasons for the slowdown in growth of GDP.
- Gross Domestic Product (GDP):
- GDP is the total value of final goods and services produced within a country over a period of one year.
- Currently, the base year for calculation of GDP is 2011-12.
5. Dewan Housing Finance Corporation Ltd. (DHFL) referred to NCLT for insolvency resolution
- DHFL is the first financial services provider, which has been referred by RBI to the National Company Law Tribunal (NCLT).
- DHFL will be under interim moratorium till the admission or rejection of the application by NCLT.
- Bankruptcy proceedings against DHFL for recovery of Rs 83,873 crore debt were started on November 20.
- RBI has earlier appointed R Subramaniakumar as an administrator to DHFL.
- Dewan Housing Finance Corporation Ltd. (DHFL):
- CEO: Kapil Wadhawan
- Headquarters: Mumbai