Banking Awareness of 30 and 31 January 2022

By PendulumEdu | Last Modified: 05 Feb 2022 18:00 PM IST
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Topic: Appointments

1. Centre extends term of LIC Chairman MR Kumar by one more year.

  • Centre has extended the term of LIC Chairman MR Kumar by one more year.
  • This is the second extension for MR Kumar. His term was to end on June 30, 2021.
  • But he was given a nine-month extension until March 13, 2022. Now his term has been extended till March 13, 2023.
  • The term of Raj Kumar, Managing Director of LIC, has also been extended by the Centre by one year beyond January 31. 
  • Centre is targeting to raise about Rs 1 lakh crore through LIC initial public offering (IPO).
  • Union cabinet is soon likely to take up the proposal to allow foreign investment in LIC.
  • Though India allows FDI up to 74% in the insurance sector, this does not apply to LIC. LIC is governed by LIC Act.
  • Life Insurance Corporation (LIC):
    • It was formed in September 1956. Government of India completely (100%) owns LIC.  It is headquartered in Mumbai.
    • Its slogan is yogakshemam vahamyaham (Your welfare is our responsibility).

Topic: Corporates/Companies

2. Meta and FICCI partner to support 5 lakh women-led small businesses across India.

  • Meta and Federation of Indian Chambers of Commerce & Industry (FICCI) have partnered to support 5 lakh women-led small businesses across India.
  • Meta has announced that it will support 5 lakh women-led small businesses under its SheMeansBusiness program in partnership with FICCI’s ‘Empowering the Greater 50%’.
  • Meta made this announcement during its inaugural National Women Entrepreneurship Summit.
  • Meta, formerly known as Facebook, is an American multinational technology conglomerate.
  • FICCI was established in 1927. It is the largest, oldest and apex business non-governmental trade association in India. It is headquartered in New Delhi. Sanjiv Mehta is its current President.

Topic: Indian Economy/Financial Market

3. Government carries out conversion transaction with RBI on January 28, 2022.

  • Government has carried out conversion transaction with RBI on January 28, 2022 for an amount of ₹1, 19,701 crore.
  • The transaction involved buying back securities maturing in FY 2022-23, FY 2023-24 and FY 2024-25 from RBI and issuing fresh securities for equivalent market value.
  • The transactions were carried out using Financial Benchmarks India Pvt Ltd. (FBIL) prices as on January 28, 2022.
  • G-Secs and Oil Bonds were among the Security bought back by the Government from RBI.
  • Out of 6 G-Secs maturing in 2022, three each were converted into G-Secs maturing in 2028 and 2029, respectively.
  • GoI Floating Rate Bond maturing in 2024 were converted into a G-Sec maturing in 2035.
  • Six Oil bonds maturing between 2023 and 2025 were converted into G-Secs maturing in 2030.
  • Government has been carrying out conversion or switch operations with the aim of smoothening the liability profile and for market development.

Topic: Corporates/Companies

4. Government extends deadline for prospective buyers of Projects & Development India Ltd (PDIL).

  • Government has extended deadline for prospective buyers of PDIL to submit Expression of Interest (EoI).
  • The preliminary bids for selling government’s 100% stake in PDIL were invited by Department of Investment and Public Asset Management (DIPAM) in December 2021.
  • 31st January was the last date for submitting expression of interest (EoI).
  • Projects & Development India Ltd (PDIL) is a Central Public Sector Enterprise (CPSE) under the Ministry of Chemicals and Fertilisers.

Topic: Appointments

5. Michel Combes appointed as CEO of SoftBank Group International.

  • Michel Combes has been appointed as CEO of SoftBank Group International.
  • Combes will supervise operating and investment portfolio of SoftBank Group International.
  • SoftBank Chief Operating Officer (COO) Marcelo Claure has decided to step down after dispute over compensation with founder Masayoshi Son.

Topic: Corporates/Companies

6. Air India officially handed over to Tata Sons on 27 January 2022.

  • Air India was officially handed over to Tata Sons on 27 January 2022.
  • On 08 October 2021, government has announced that Tata Sons will acquire Air India.
  • Government had sold Air India to Talace Private Limited (a subsidiary of the Tata group's holding company) for ₹18,000 crore after a competitive bidding process.
  • On 25 October 2021, Centre signed the share purchase agreement (SPA) for the deal.
  • Air India:
    • Tata Group had earlier run Air India before it was nationalized in 1953.
    • In 1932, industrialist Jehangir Ratanji Dadabhoy had launched it.
    • It flew its first flight as Tata Airlines on 15 October 1932.

Topic: Indian Economy/Financial Market

7. India’s forex reserves decline by $678 million.

  • India’s forex reserves declined by $678 million during the week ended January 21.
  • According to the data released by RBI, foreign exchange or forex reserves reached $634.287 billion.
  • Forex reserves had grown by $2.229 billion to $634.965 billion in the week that ended January 14.
  • The decline in the forex reserves for the week that ended January 21 was mainly on account of drop in foreign currency assets (FCA).
  • FCA declined by $1.155 billion to $569.582 billion in week ended January 21.
  • Gold reserves saw an increase of $567 million to $40.337 billion during the week ended January 21.
  • Special Drawing Rights (SDRs) with International Monetary Fund (IMF) declined by $68 million to $19.152 billion.
  • India’s reserve position with the IMF also declined by $22 million to $5.216 billion during the week that ended January 21.

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