Topic: Indian Economy/Financial Market
1. Ind-Ra estimates Centre’s fiscal deficit for current fiscal at 20 basis points lower than budget estimate.
- India Ratings & Research (Ind-Ra) has estimated that Centre’s fiscal deficit for the current fiscal will be 20 basis points lower than the budget estimate.
- Revised deficit number for fiscal year 2021-22 will be announced on February 1 next year.
- Government estimated a deficit of more than ₹15 lakh crore in the current fiscal. During April-October period, the deficit has been 36.3% of the estimate.
- Ind-Ra estimated that gross tax revenue collection in FY22 will be ₹5.9 lakh crore higher than the budgeted figure.
- The non-tax revenue is also expected to be higher than the budgeted figure in FY22.
- 100 basis points mean one percent. Fiscal Deficit means expenditure is higher than revenue.
2. Board of directors of Equitas Small Finance Bank has approved re-appointment of Vasudevan as MD & CEO.
- The board of directors of Equitas Small Finance Bank has approved re-appointment of Vasudevan Pathangi Narasimhan as the MD & CEO.
- Vasudevan’s re-appointment has been approved for three years, with effect from July 23, 2022, up to July 22, 2025.
- However, his re-appointment is subject to approval from RBI and shareholders of Equitas Small Finance Bank Limited.
- Jammu & Kashmir Bank’s board of directors has appointed Baldev Prakash as MD & CEO for three years.
- Jammu & Kashmir Bank’s board also appointed R K Chhibber as an additional director on the board of the bank.
3. EaseMyTrip appoints actors Vijay Raaz and Varun Sharma as its brand ambassadors.
- EaseMyTrip has appointed actors Vijay Raaz and Varun Sharma as its brand ambassadors.
- EaseMyTrip has for the first time appointed any brand ambassadors. EaseMyTrip is India’s second-largest online travel platform.
- Kolkata-based Anmol Feeds has appointed actor Pankaj Tripathi as brand ambassador for its cattle feed brands Nouriture Godhenu Gold, Milk-o-milk plus and Super 20 plus.
Topic: Banking System
4. RBL Bank’s Board sets up search committee to identify candidates for the position of MD & CEO.
- RBL Bank’s Board has set up a search committee to identify candidates for the position of MD & CEO.
- The committee comprises the Chairman of the Nomination & Remuneration Committee, two members of the Board and one external expert.
- RBI has approved the appointment of Rajeev Ahuja as Interim MD and CEO of RBL Bank for three months.
- RBI has approved Rajeev Ahuja’s appointment for three months with effect from December 25, 2021 or till the appointment of a regular MD & CEO, whichever is earlier.
- On December 25, 2021, RBL Bank’s Board had appointed Rajeev Ahuja (Executive Director) as interim MD & CEO of the bank with immediate effect.
5. Finance Ministry notifies revised Harmonised System of Nomenclature (HSN).
- Finance Ministry has notified the revised Harmonised System of Nomenclature (HSN) for various food and non-food items under GST law.
- The news Harmonised System of Nomenclature (HSN) will be applicable from January 1.
- Keeping in mind changes at the international level, the government has already amended provisions related to custom duty for new HSN.
- Now, these changes have also been incorporated for GST too through a new notification under GST law.
- HSN is the identity of the commodity being traded in the global market. Same identity is used for domestic taxation.
- HS Codes under the First Schedule of the Customs Tariff Act, 1975 are applicable even while doing classification for the purpose of GST.
- Globally standardised Harmonized Commodity Description and Coding System is going to be updated from January 1, 2022 onwards. It is also called HSN tariff nomenclature.
- HSN codes are issued by Brussels-based independent inter-governmental organization called World Customs Organization (WCO). They are being used to classify and regulate international trade since 1988.
- With the help of HSN codes, customs administration and private sector worldwide keep a database of goods.
- The first six digits of the HSN are used universally. After first six digits, each country may add up to six more digits.
- First two digits show HSN Chapter. Second two digits show HSN heading. Third two digits show HSN subheading. India has remained at the eight-digit level. Turkey uses a 12-digit HSN code system.
- India is a party to the HSN convention. WCO’s latest (7th) edition of HSN codes will be effective from January 01, 2022.
Topic: Regulatory Bodies/Financial Institutions
6. LIC, GIC Re and New India continue to be Domestic Systemically Important Insurers (D-SIIs) for 2021-22.
- As per Insurance Regulatory and Development Authority of India (IRDAI), LIC, GIC Re and New India continue to be Domestic Systemically Important Insurers (D-SIIs) for 2021-22.
- Life Insurance Corporation of India, General Insurance Corporation of India and New India Assurance Co. Ltd were also Domestic Systemically Important Insurers (D-SIIs) in the 2020-21 list of D-SIIs.
- IRDAI said that D-SIIs are perceived as insurers that are ‘too big or too important to fail’ (TBTF).
- IRDAI said that D-SIIs are being subjected to enhanced regulatory supervision.
Insurance Regulatory and Development Authority of India (IRDAI):
IRDAI is an autonomous, statutory body. It was formed under the Insurance Regulatory and Development Authority Act, 1999.
It regulates and promotes both insurances as well as reinsurance industries in India.
It has 10 members, including the chairman, 5 full-time and four part-time members. Government of India appoints part-time members of IRDAI.
Chairman: Subhash Chandra Khuntia
7. Coal India appoints SK Mehta as its CFO.
- Coal India has appointed SK Mehta as its Chief Financial Officer (CFO) from January 1, 2022.
- Ghatak Choudhary, present CFO, will be superannuating from the services of the company with effect from December 31, 2021.
- Coal India is a Maharatna coal and mining refining company. Its headquarters is located in Kolkata.
- It is owned by the Government of India with a 70.96% stake. Pramod Agrawal is its CEO.
8. New Development Bank (NDB) admits Egypt as new member.
- New Development Bank (NDB) has admitted Egypt as new member.
- Egypt is the fourth new member admitted into NDB. Bangladesh, United Arab Emirates (UAE) and Uruguay joined NDB in September 2021.
- India has welcomed Egypt as the fourth new member of BRICS New Development Bank.
- The membership expansion enables New Development Bank to position itself as a premier development institution for emerging economies.
New Development Bank:
It was established in July 2015. In July 2014, the Agreement establishing the New Development Bank (NDB) was signed. The Agreement entered into force in July 2015.
It is headquartered in Shanghai, China. Its President is Marcos Prado Troyjo.
It aims to mobilize resources for development projects in BRICS, emerging economies, and developing countries.