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).
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.
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.
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.
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.